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CFTC pushes for $3.57 million fine on Danish Forex fraudster

Posted on 2021-12-17 By admin No Comments on CFTC pushes for $3.57 million fine on Danish Forex fraudster

In line with earlier announced plans, the United States Commodity Futures Trading Commission (CFTC) has filed a proposed default judgment against Danish Forex fraudster Casper Mikkelsen, operator of investment scheme GNTFX.

According to the proposed default judgment, submitted at the New York Southern District Court on December 16, 2021 and seen by FX News Group, Casper Mikkelsen will have to pay a civil monetary penalty in the amount of $3,573,860.61. He will also have to pay restitution in the amount of $1,191,286.87.

In addition, the order would prohibit Casper Mikkelsen from (among other things) trading on or subject to the rules of any registered entity and entering into any transactions involving “commodity interests.”

The CFTC explains that to date, Mikkelsen has not answered, pleaded, or otherwise defended against the Commission’s Complaint, has also not made an appearance in this case, and counsel of record for the Commission have received no communication of any kind from the defendant.

The Complaint alleges that Mikkelsen engaged in a fraudulent scheme to solicit and misappropriate money from at least 101 individuals and entities who invested their funds with an alleged company called GNTFX. The CFTC contends that Mikkelsen misappropriated at least $737,000 of client funds for his personal use and that in total purported investors lost at least $1.19 million.

As a result of this conduct, the Complaint alleges three counts of violations of the commodities laws.

Let’s note that the Commission had earlier sought a default judgment against Mikkelsen but its request was denied due to non-compliance with the procedure of service of the complaint. Now that the service was executed properly, the CFTC has revived its motion for default judgment in this case.

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