$1.3M fine to Christopher Varlesi for Forex ponzi scheme

$1.3M fine to Christopher Varlesi explained by professional Forex trading experts the “$1.3M fine to Christopher Varlesi ” FX trading team.

$1.3M fine to Christopher Varlesi

The CFTC has obtained a federal court order against Christopher Varlesi of Chicago and his company Gold Coast Futures and Forex, requiring Varlesi to pay $1.3 million — $638,000 to defrauded investors plus a $700,000 penalty.

The story? Ponzi scheme. Varlesi solicited and accepted $1.7 million from at least 20 clients to trade futures and forex, touting his past trading record and ability. However, Varlesi used no more than $220,000 of the $1.7 million to actually trade.

Instead, Varlesi spent investor funds on business and personal expenses, including life insurance, entertainment, travel, his children’s tuition, and spa treatments, and used $1.3 million to pay supposed profits in the manner of a Ponzi scheme.

$1.3M fine to Christopher Varlesi Conclusion

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