CFTC Freezes Ohio Man’s Assets Due to Alleged Forex Ponzi Scheme
The CFTC recently obtained a court order freezing the assets of four defendants (Jonathan Davey of Newark, Ohio, Keith F. Simmons of West Jefferson, N.C., Deanna Salazar of Yucca Valley, Calif., and Bryan Coats of Clayton, N.C.) who have been accused of investment fraud. Assets belonging to various companies controlled by the four defendants were also frozen.
According to a Feb. 16 press release, the CFTC complaint alleges that the four defendants solicited investments in a foreign currency exchange (forex) scheme by fraudulently misrepresenting several key facts to investors, namely that:
- Investments would be handled through a Black Diamond trading platform, which was “highly successful” and returned, on average, 4 percent per month;
- That there were “limited” risks associated with trading forex through the Black Diamond platform; and
- That “sufficient” money was available to return investor funds upon request.
In reality, the CFTC alleges, the Black Diamond trading platform never existed and, therefore, no forex trading was ever conducted on behalf of the investors. According to the complaint, over 240 investors were defrauded out of approximately $35 million.
Davey and the other defendants are also accused of issuing false statements to customers, misappropriating millions of dollars of investor funds, and using investor money to make Ponzi payments to other investors and for personal purposes.
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