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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!