For Release: June 26, 2003
FLORIDA FOREIGN CURRENCY (FOREX) FIRM CHARGED WITH FRAUD FOR INTERNET SWINDLE
CFTC Files Action Against Giovanni Fleury Investments, Inc. of Sunrise, Florida, and Owner Giovanni Fleury
WASHINGTON, D.C. -- The U.S. Commodity Futures Trading Commission (CFTC) announced today the filing of a two-count complaint in the United States District Court for the Southern District of Florida alleging that Giovanni Fleury and Giovanni Fleury Investments, Inc. (GFI) of Sunrise, Florida, fraudulently solicited and sold illegal, off-exchange foreign currency futures contracts to the retail public through their Internet website.
The complaint alleges that, since December 21, 2000, Fleury and GFI solicited customers by claiming to have a highly profitable trading system when, in fact, Fleury and GFI’s trading resulted in enormous losses. In addition, the complaint alleges that Fleury and GFI claimed to be offering contracts in “spot” and “cash” foreign currency to retail investors that were actually illegal commodity futures contracts.
Judge Enters Restraining Order Freezing the Defendants’ Assets
On June 20, 2003, the Honorable Kenneth A. Marra entered a restraining order that freezes the defendants’ assets and provides the CFTC access to account records.
The CFTC in its continuing litigation is seeking to enjoin Fleury and GFI from further violations of Federal commodities law and has requested the repayment of all illegally received funds, along with civil monetary penalties.
The following CFTC Division of Enforcement staff members are responsible for this case: Paul G. Hayeck, Peter M. Haas, Wendy Z. Woods, Ghassan Hitti, and Kyong J. Koh.
A copy of the CFTC complaint may be obtained at www.cftc.gov.
Media Case Enforcement Contact:
Paul G. Hayeck
CFTC Division of Enforcement
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