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The U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit in the United States District Court for the Western District of Washington against five entities: Aipu Limited, Qian Bai, Lan Bai, Fidefx Investments Limited, and Chao Li, accusing them of fraudulent activities involving foreign exchange and crypto assets
. According to the CFTC complaint, the entities defrauded 32 clients and stole $3.6 million in assets. The platform creators offered investors commodity futures and foreign exchange contracts, as well as leveraged trading, encouraging people to invest in fiat currencies and digital assets. Agents of these investment platforms guaranteed investors profits of 10% to 30% per trade. The so-called financial advisors promised investors to share inside information and provide specific trading advice.
After funding their accounts, clients were given access to fake online trading account statements showing their deposits and “profits.” The CFTC said the companies did not actually conduct any trading. Instead of providing margin trading services, the scammers stole clients’ funds and transferred them to offshore entities that had nothing to do with commodity trading.
The regulator demanded that the platforms return the ill-gotten money to the defrauded clients and fully reimburse them for their losses. The agency is also seeking civil fines, trading bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA) and CFTC regulations.
. According to the CFTC complaint, the entities defrauded 32 clients and stole $3.6 million in assets. The platform creators offered investors commodity futures and foreign exchange contracts, as well as leveraged trading, encouraging people to invest in fiat currencies and digital assets. Agents of these investment platforms guaranteed investors profits of 10% to 30% per trade. The so-called financial advisors promised investors to share inside information and provide specific trading advice.
After funding their accounts, clients were given access to fake online trading account statements showing their deposits and “profits.” The CFTC said the companies did not actually conduct any trading. Instead of providing margin trading services, the scammers stole clients’ funds and transferred them to offshore entities that had nothing to do with commodity trading.
The regulator demanded that the platforms return the ill-gotten money to the defrauded clients and fully reimburse them for their losses. The agency is also seeking civil fines, trading bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA) and CFTC regulations.
