Page 41 - 期货和衍生品行业监管动态（2023年10月刊）

期货和衍生品行业监管动态

To induce people to invest in the TTT commodity pool, Carrion and Rodriguez

exaggerated the extent and quality of their track record trading forex; promised pool

participants they would maintain a reserve fund equal to the size of participants’

contributions; promised pool participants they would risk no more than 1% of the pool’s

assets in any trade and not hold trades open overnight; and misrepresented the scope of

the assets that would serve as collateral for the participants’ contributions to the TTT

commodity pool. According to the complaint, each of these representations was false

or misleading.

According to the complaint, the defendants solicited approximately $5 million

from 27 pool participants. The defendants lost over $3.13 million trading forex on a

leveraged basis, misappropriated funds for personal use, and used new participants’

funds to pay interest to existing participants. After losing millions trading forex and

defaulting on the purported loans, the defendants concealed their fraudulent activity by

claiming they would recoup losses and repay the loans by creating a “bot” that used AI

to manage trading.

The complaint further charges that TTT acted as a CPO without being registered

with the CFTC as required, and that Carrion and Rodriguez acted as associated persons

of a CPO, likewise without being registered with the CFTC as required. The defendants

are also alleged to have made false statements to a registered foreign exchange dealer

regarding the source of TTT’s funds and that TTT did not engage in business activities

which would require TTT’s registration.

The CFTC cautions victims that restitution orders may not result in the recovery

of money lost because the wrongdoers may not have sufficient funds or assets. The

CFTC will continue to fight vigorously for the protection of customers and to ensure

the wrongdoers are held accountable.

https://www.cftc.gov/PressRoom/PressReleases/8803-23

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