CFTC files charges in a multi-million dollar futures and forex fraud

<img width="562" height="339" src="https://www.leaprate.com/wp-content/uploads/2020/06/CFTC-Fraud.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="CFTC" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2020/06/CFTC-Fraud.jpg 730w, https://www.leaprate.com/wp-content/uploads/2020/06/CFTC-Fraud-230×138.jpg 230w, https://www.leaprate.com/wp-content/uploads/2020/06/CFTC-Fraud-380×228.jpg 380w, https://www.leaprate.com/wp-content/uploads/2020/06/CFTC-Fraud-88×53.jpg 88w, https://www.leaprate.com/wp-content/uploads/2020/06/CFTC-Fraud-245×148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2020/06/CFTC-Fraud-500×301.jpg 500w" sizes="(max-width: 562px) 100vw, 562px" /><h2>Details of the fraudulent scheme</h2>
<p>The CFTC alleges that W Trade Group and Ramos have misappropriated over $19 million from 220 customers. To maintain the scheme, W Trade Group and Ramos sent customers false account statements showing them purported profits and trading activity, when in fact there was none.</p>
<p>The other defendant, Carvajales, conjunction with W Trade Group and Ramos, as alleged by CFTC’s charges, solicited customers for this scheme. They made false claims about their <a target="_blank" href="https://www.leaprate.com/tag/fraud/" rel="noopener">fraudulent activity</a>, claiming there was a sophisticated trading algorithm, and limited downside risk.</p>
<p><a target="_blank" href="https://www.leaprate.com/tag/cftc/" rel="noopener">CFTC </a>is seeking restitution, disgorgement, monetary penalties and bans against the defendants.</p>
<p>The Commission recently brought charged against <a target="_blank" href="https://www.leaprate.com/financial-services/fraud/cftc-announces-charges-in-a-9-8-million-commodity-futures-and-options-fraud-case/" rel="noopener">Rajiv Patel and Bluprint LLC</a>, charges in a $9.8 million commodity futures and options fraud case.</p>
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