Eyal Alper from New York has been charged with fraud and for allegedly misappropriating funds.
The U.S. Commodity Futures Trading Commission (CFTC) made the accusation as it filed a civil enforcement action in the US District Court for the Southern District of New York against Alper.
The regulator claims Alper defrauded people by soliciting them to trade futures and forex contracts through accounts purportedly managed by Alper. He then, allegedly, misappropriated at least $280,000 of the funds.
According to the complaint, Alper improperly commingled the customers’ funds with his own funds, never opened trading accounts for his customers as promised, and sent false statements to his customers reporting purported profits in the fictitious accounts.
The CFTC now seeks restitution to defrauded customers, disgorgement of ill-gotten gains, civil monetary penalties, permanent registration and trading bans, and a permanent injunction against future violations of federal commodities laws, as charged.
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