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According to the complaint, Novak fraudulently solicited customers by falsely representing that both he and his customers were trading profitably using the Nexgen service. In reality, the complaint alleges, neither Novak nor any of his customers ever profited using the service.
The complaint further charges that Nexgen held itself out to the public as a CTA and directed the trading of more than 15 client accounts, and thus should have been registered as a CTA with the CFTC. In addition, Nexgen allegedly failed to provide disclosure documents to clients as required by the Commission’s regulations.
The complaint seeks permanent injunctive relief, restitution, and civil penalties.
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Other websites of this company include nss-t3.com