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Federal Court Orders Unregistered Pool Operator And Its President To Pay Over $11 Million For Forex Fraud

CFTC Charges Unregistered Pool Operator And Its Owner With $7.1 Million Fraud

CFTC Charges Unregistered Michigan Commodity Pool Operator and its President with $13 Million Fraud

CFTC: Wisconsin Court Enters $740,968 Judgement Against Company And Its Principal For Registration, Disclosure, And Recordkeeping Violations

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