CFTC Sues Futures Trader Over 'Free Money' Website

Law360 (September 11, 2019, 4:50 PM EDT) -- A Canadian futures trader who allegedly garnered $1.3 million from subscribers to his proprietary website has been accused in New York federal court of lying to his customers, telling them they could earn "free money" and claiming he would live-trade online before their eyes, which he did not do.

In a complaint filed Tuesday, the U.S. Commodity Futures Trading Commission alleges that between July 2014 and January 2016, Ontario-based trader Simon Jousef used an online business called FuturesFX to earn subscription fees from 300 customers across the U.S.

The federal agency describes Jousef's website as a purported "trading system," promising users...

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