RESOLVED - Dumped by her broker after 5 years
- Thread starter Scam Investigations Committee
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- gcitrading.com
Check this OUT
GCI and Vazquez Illegally Offered Forex Investments on Website; CFTC Settlement Order Requires Them To Cease Forex Operations
The CFTC also today filed and simultaneously settled an administrative action against Global Capital Investment LLC (GCI) of New York, New York and Mitchell Vazquez of Wilton, Connecticut, finding that they had offered illegal forex futures and options contracts to retail investors. The CFTC order issued against GCI and Vazquez, president of GCI, finds that from late 1999 through at least October 2001, GCI and Vazquez sold illegal forex futures contracts to retail customers through a website. On that website, GCI stated that they transacted nearly $2 billion per month in “spot foreign exchange” and invited customers to trade through GCI’s Internet trading platform. Contrary to their claim, the order finds that they were offering forex futures contracts. The order also finds that from at least December 21, 2000 through March 2001, GCI and Vazquez also solicited customers to enter into illegal forex options transactions. According to the order, the forex futures and options transactions were consummated off-exchange, i.e., not on a contract market or a derivatives transaction execution facility, designated or registered by the CFTC. The order finds that GCI and another forex entity acted as the counterparties to the forex futures and options contracts with the retail investors but were not lawful counterparties under the Commodity Exchange Act, as amended by the CFMA.
The CFTC order requires GCI and Vazquez to cease and desist from further violations of the CEA and CFTC regulations, imposes a $100,000 civil monetary penalty and requires them to comply with undertakings. Among other things, they undertake not to seek or claim exemption from registration with the CFTC for five years, not to engage in forex futures and options business for or on behalf of U.S. customers or cleared or conducted in the U.S. for three years, and to cease all current foreign currency operations. GCI and Vazquez recently represented that they have ceased operations and returned all customer funds in accordance with the terms of the order. In settling the action, GCI and Vazquez neither admit nor deny the findings in the order.
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In each of the federal court actions, the CFTC is seeking permanent injunctive relief, restitution for customers, disgorgement of ill-gotten gains, and civil monetary penalties.
GCI and Vazquez Illegally Offered Forex Investments on Website; CFTC Settlement Order Requires Them To Cease Forex Operations
The CFTC also today filed and simultaneously settled an administrative action against Global Capital Investment LLC (GCI) of New York, New York and Mitchell Vazquez of Wilton, Connecticut, finding that they had offered illegal forex futures and options contracts to retail investors. The CFTC order issued against GCI and Vazquez, president of GCI, finds that from late 1999 through at least October 2001, GCI and Vazquez sold illegal forex futures contracts to retail customers through a website. On that website, GCI stated that they transacted nearly $2 billion per month in “spot foreign exchange” and invited customers to trade through GCI’s Internet trading platform. Contrary to their claim, the order finds that they were offering forex futures contracts. The order also finds that from at least December 21, 2000 through March 2001, GCI and Vazquez also solicited customers to enter into illegal forex options transactions. According to the order, the forex futures and options transactions were consummated off-exchange, i.e., not on a contract market or a derivatives transaction execution facility, designated or registered by the CFTC. The order finds that GCI and another forex entity acted as the counterparties to the forex futures and options contracts with the retail investors but were not lawful counterparties under the Commodity Exchange Act, as amended by the CFMA.
The CFTC order requires GCI and Vazquez to cease and desist from further violations of the CEA and CFTC regulations, imposes a $100,000 civil monetary penalty and requires them to comply with undertakings. Among other things, they undertake not to seek or claim exemption from registration with the CFTC for five years, not to engage in forex futures and options business for or on behalf of U.S. customers or cleared or conducted in the U.S. for three years, and to cease all current foreign currency operations. GCI and Vazquez recently represented that they have ceased operations and returned all customer funds in accordance with the terms of the order. In settling the action, GCI and Vazquez neither admit nor deny the findings in the order.
*************************************
In each of the federal court actions, the CFTC is seeking permanent injunctive relief, restitution for customers, disgorgement of ill-gotten gains, and civil monetary penalties.
Agent86
Sergeant
- Messages
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WOW GCI a scam
Thank God for the Forex Peace Army
I was looking for higher leverage in other countries just to keep my options open in case there becomes a 10:1 leverage rule in the US then I will be considering a good company which to trade with higher leverage some place else.
But came across the GCI site which looks appealing, however figured I would check in with the old FPA to see the reviews.
WOW reviews saved me time,headache and cold cash.
Within about 10 minutes I read the scam articles and easily realized I don't even want to think about doing business with GCI
Thanks FPA.
I'm very sorry for those who suffered losses from these scammers, but am also very happy that their experience is paying off for others now that we know about these scammers.
Long live FPA
Thank God for the Forex Peace Army
I was looking for higher leverage in other countries just to keep my options open in case there becomes a 10:1 leverage rule in the US then I will be considering a good company which to trade with higher leverage some place else.
But came across the GCI site which looks appealing, however figured I would check in with the old FPA to see the reviews.
WOW reviews saved me time,headache and cold cash.
Within about 10 minutes I read the scam articles and easily realized I don't even want to think about doing business with GCI
Thanks FPA.
I'm very sorry for those who suffered losses from these scammers, but am also very happy that their experience is paying off for others now that we know about these scammers.
Long live FPA
GCI's hide out found
1. Edgar Hewlett - Sole shareholder and owner
BVI Passport no. 626019846
Date of Birth – 24 May 1937
Business Address:
Canonbury Holdings Ltd,
P.O. Box 119, Road Town,
Tortola, British Virgin Islands
Tel: 1-284-494-2452
Home Address:
Huntum’s Gut
Tortola, B.V.I.
Social Security No. 900036
2. Blair Baker - President
U. S. Passport No. 213 783729
Address:
796 East Johnstone Road,
OAKLEY M. I. 48649
USA
3. Ms. Indira Roberts - Director
Address:
44 Liberty Avenue,
Orange Walk Town,
Belize
Belize Passport No. P0021048
1. Edgar Hewlett - Sole shareholder and owner
BVI Passport no. 626019846
Date of Birth – 24 May 1937
Business Address:
Canonbury Holdings Ltd,
P.O. Box 119, Road Town,
Tortola, British Virgin Islands
Tel: 1-284-494-2452
Home Address:
Huntum’s Gut
Tortola, B.V.I.
Social Security No. 900036
2. Blair Baker - President
U. S. Passport No. 213 783729
Address:
796 East Johnstone Road,
OAKLEY M. I. 48649
USA
3. Ms. Indira Roberts - Director
Address:
44 Liberty Avenue,
Orange Walk Town,
Belize
Belize Passport No. P0021048
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