CFTC Alleges $3M Multilevel Marketing Forex Trading Scheme

Law360 (June 12, 2020, 10:24 PM EDT) -- The U.S. Commodity Futures Trading Commission has sued an individual and related businesses saying they ran a multilevel marketing foreign exchange fraud after repeatedly lying about the individual's trading experience, qualifications and trading profits, as well as failing to obtain the necessary registrations.

In a Thursday filing in Georgia federal court, the CFTC outlines allegations that David Wayne Mayer, who also went by "Quicksilver," and two businesses not registered with the agency, Silver Star Live and Silver Star Live Software, defrauded about 10,000 clients between July 2018 and March 2019. The purported scheme raised $3 million from clients.

The complaint says...

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