CDH Forex – The CFTC Ends a Scam

[Sazu]

DNS Attacks

Hey FPA, I would be happy to talk with you about setting up a mirror site. Shoot me a email if interested.

Sazu

 

[Shinji]

Keep up the good work. More strength to your elbow

 

[Scam Investigations Committee]

One of the biggest worries of the members of the FPA's Scam Investigations Committee is, "What if we declare an innocent company to be a scam?" The CFTC had already filed charges. What if the company was found innocent?

In this case, no one was too worried. Every client who left a review complained about not getting their money. The NFA was investigating before the CFTC charges came in. Still, it is nice to see a final judgment handed down.

From the CFTC's website...

RELEASE: PR6286-12

June 21, 2012

Federal Court in Texas Orders Linda Harris, Chance Harris, CDH Forex Investments, LLC, and CDH Global Holdings, LLC, to Pay over $5.4 Million in Restitution and a Monetary Sanction for Forex Fraud

Washington, DC — The U.S. Commodity Futures Trading Commission (CFTC) today announced that it obtained a federal court order imposing more than $5.4 million in restitution and a civil monetary penalty on defendants Linda Harris, Chance Harris and their companies, CDH Forex Investments, LLC (CDH Forex) and CDH Global Holdings, LLC (CDH Global), all of Flower Mound, Texas, for fraud in connection with the operation of a commodity pool and managed accounts trading off-exchange foreign currency (forex) contracts.

The default judgment order requires Linda Harris, Chance Harris, CDH Forex, and CDH Global jointly and severally to first pay $1,361,897 to defrauded customers as restitution for their losses and then pay $4,085,691 as a civil monetary penalty. The order also permanently prohibits them from engaging in any commodity- and forex-related activity and from registering with the CFTC.

The order, entered on June 12, 2012, by Senior Judge Royal Furgeson of the U.S. District Court for the Northern District of Texas, stems from a CFTC complaint filed on October 25, 2011, that charged the defendants with fraudulent solicitation, misappropriation, and misrepresentation to pool participants and regulatory organizations in a multi-million dollar forex scheme (see CFTC press release 6127-11, October 25, 2011). The CFTC complaint also charged the defendants with concealing their fraud by issuing false account statements to pool participants regarding the profitability of their investments. Linda Harris, CDH Forex, and CDH Global also were charged with making false statements and submitting falsified bank and account trading statements to the National Futures Association (NFA).

The order finds Linda Harris, Chance Harris, CDH Forex, and CDH Global liable as to all violations alleged in the CFTC’s complaint.

The CFTC thanks the NFA for its assistance.

The CFTC staff responsible for this case are Nathan B. Ploener, Christopher Giglio, Trevor Kokal, Manal Sultan, Lenel Hickson, Stephen J. Obie and Vincent McGonagle.

Media Contacts
Dennis Holden
202-418-5088

Last Updated: June 21, 2012

The FPA thanks the NFA and CFTC for their efforts in bringing this scam to a final end.


Original Press Release on the CFTC's website

 

[FreddyFX]

All nice, but one cannot pick feathers from a frog.
Where is the real money now ??

 

[Max]

Bravo! Forex Bastards should be in prison. I have always said trade it only with brokers who are regulated by law! Better in the USA and the UK.

 

[tangmase]

herzlichen glueckwunsch - gute arbeit - wir haben viel fpa zu verdanken

 

[Hanif Akbar]

Well done team well done. Together we fight for justice.

 

[Joh]

Brilliant job FPA - good to see these cheating Forex mongrels hopefully behind bars -that would deter some other sleaze bag con artists out there trying to fleece our members.Thank you FPA.Keep it up please.

 

[mooselee]

Good job to everyone and FPA for this and it's definitely great to hear, but there are many more scammers to catch and prosecute.

 

[mrgummo]

The FPA is a powerful "Police Force" in the world of Forex! To all those members who take time to investigate, research, contribute, and vote, I give a "Snap Salute"!

PFC Sherman, staying ever vigilant for sniper activity in the Forex Jungle...