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CFTC Orders Michigan Man To Pay $150,000 For Registration Violation Of Commodity Trading Advisor Regulation
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MIL-OSI USA: CFTC Orders Michigan Man to Pay $150,000 for Registration Violation of Commodity Trading Advisor Regulation
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<p><span>The Commodity Futures Trading Commission today announced that the U.S. District Court for the Western District of Texas entered an order granting the CFTC’s motion for default judgment against defendant James Frederick Walsh of Boca Raton, Florida. The order finds that Walsh failed to answer the CFTC’s complaint charging him with fraud and failure to register with the CFTC. Walsh’s fraudulent solicitations include falsely claiming to generate increased forex trading profits as a result of the COVID-19 pandemic. This was the first enforcement action brought by the CFTC alleging misconduct tied directly to the COVID-19 pandemic.</span></p>
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Date
22/12/2020
The Commodity Futures Trading Commission announced the U.S. District Court for the Eastern District of Wisconsin entered permanent trading and registration bans and a $740,968 civil monetary penalty against Southwest Services, L.L.C. a/k/a South West Services, LLC and its sole managing member, Timothy A. Sack of Oshkosh, Wisconsin. The court’s action follows the CFTC’s filing of a civil enforcement action against the defendants in October 2020. [See CFTC Press Release No. 8279-20]
The order finds that Southwest Services failed to register with the CFTC as a retail foreign exchange dealer (RFED), failed to provide customers with a written risk disclosure statement, and failed to keep books and records, as required. The order also finds that Sack failed to register with the CFTC as an associated person of a RFED. In addition, the order finds that Sack, as controlling person of Southwest Services, is liable for Southwest Services’ violations of the Com