Page 720 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

As found in the order, between July 16, 2011 and August 31, 2021, the
defendants operated a retail over-the-counter trading platform, known as “Atlas,”

which allowed customers to speculate on precious metals price movements, with

Monex acting as the counterparty to every transaction. During the relevant period, the

defendants executed thousands of leveraged trades with retail customers, all of which

were required to be executed on a regulated exchange, but were not, as found by the

court in an earlier order.

The order also finds the majority of these trades resulted in losses for Monex’s

customers and the defendants engaged in fraud in the solicitation of customers.

Specifically, Monex touted the importance of precious metals as a hedge against

economic uncertainty. Monex’s solicitations highlighted profits, claiming that

precious metals offer “outstanding price appreciation” and “outstanding profit

potential.” Monex trained its sales representatives to pitch leveraged trading with
descriptions of the possibility of “30-40% net gains,” “annualized rate of return of

20% or more” and “unlimited upside potential” according to the order. Monex also

trained its sales force to gain customers’ trust in order to make sales. In addition,

Monex incentivized its sales staff to push customers into leveraged trading with

increased commissions and bonuses, the order finds.

Monex never disclosed that the majority of its customers lost money, according

to the order. As a result, Monex’s claims about the profitability of leveraged trading

of precious metals were misleading. Moreover, Monex’s customers who expected to

make profits from such trading instead lost money, the order finds. The order further

finds that Louis and Michael Carabini controlled Monex and are liable for its illegal

activities.

The CFTC cautions that orders requiring repayment of funds to victims may not

result in the recovery of any 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.

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