CFTC Nabs $2.5M Victory Over Currency Trading Scheme

Law360 (October 30, 2019, 5:02 PM EDT) -- A Florida company must pay nearly $2.5 million for lying to investors about its foreign currency trading activities and for misusing funds, the U.S. Commodity Futures Trading Commission announced Wednesday.

Allied Markets LLC is on the hook for over $1.2 million in restitution and $1.2 million in civil penalties after a Florida federal court found the company violated trading laws, the CFTC said. It’s also barred from all commodity-related activities in the future, the announcement said.

The company’s principals, Joshua Gilliland and Chawalit Wongkhiao, were banned in March from further commodity-related activities, court documents show. The pair pled guilty in a...

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