Born To Be Miserable

Saturday, March 5, 2011

From The US Commodity Futures Trading Commission

This is the problem  I don't have any idea what futures or commodities or trading in them means.  oops!
Everyone who has no knoweldge of this is now supposed to be a stupid victim, huh?  Oh boy!

Arizona Federal Court Imposes More than $1.1 Million in Restitution and Monetary Sanctions on Helmut H. Weber, Charged with Fraud and Misappropriation in Foreign Currency Scheme

Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) obtained a federal court order imposing more than $1.1 million in restitution and civil monetary penalties on Helmut H. Weber, of Scottsdale, Ariz., for operating a fraudulent off-exchange foreign currency (forex) scheme from at least June 2008 through January 2009. The final default judgment order, entered by Judge David G. Campbell of the U.S. District Court for the District of Arizona, requires Weber to pay $287,000 in restitution to defrauded customers and a $861,000 civil monetary penalty.

The order stems from a CFTC complaint filed on March 9, 2010, which alleged that Weber, through personal solicitations and his websites, fraudulently solicited customers to invest in forex trading (see CFTC press release 5794, March 11, 2010). The complaint also alleged that, contrary to Weber’s representations, only a fraction of customer funds were actually traded and that the majority of the funds were misappropriated to pay for Weber’s lavish lifestyle.

A final judgment against Weber, previously entered by the court on December 9, 2010, permanently prohibits Weber from engaging in any commodity-related activity and from registering with the CFTC. In the final judgment, Judge Campbell found that Weber made multiple misrepresentations and deceptive omissions, including that Weber was a successful and experienced forex trader, that 100 percent of invested funds would be used to trade in the forex market and that Weber generated high rates of return from forex trading. The judge found that Weber knowingly was misappropriating customer funds, was not trading on customers’ behalf and was issuing false reports to customers.

Previously, on October 22, 2008, Weber was criminally indicted by the Arizona Attorney General in State of Arizona v. Helmut H. Weber, Superior Court of the State of Arizona, Maricopa County, (Case Number 63 SGJ 50 (2008)) for fraud and misappropriation of customer funds.

The CFTC appreciates the assistance of the Arizona Corporation Commission, Securities Division, and the Office of the Arizona Attorney General.

The monied path is closed to people who are not educated about it or how to walk down that path.
The CFTC Division of Enforcement staff members responsible for this case are Timothy J. Mulreany, Tracey Wingate, Michael Amakor, Paul Hayeck and Joan Manley.

Last Updated: March 4, 2011

Media Contacts

Dennis Holden


No comments:

Episcopal/Anglican Church Shield in blue

Episcopal/Anglican Church Shield in blue
"I have been a member of the Episcopal Church all of my life"

About Me

My photo
Hello! I am a Social Worker (since 1990) and a writer. I am seeking writing jobs, funding for my Writing business called "the Indigo Drum" and a way to run an office again, plus a car.