Release: 4873-03
For Release: December 23, 2003
To view Yost complaint, click here.


WASHINGTON, D.C. – The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of an administrative complaint against David Yost and his firm, UR-Link, in connection with purported investments in foreign currency transactions that resulted in losses of more than $150,000 to at least 21 customers. Yost, who is not registered with the Commission, resides in Alta Loma, California.

The complaint, filed on December 22, 2003, alleges that, from June 2001 through at least January 2002, Yost, individually or as an agent of UR-Link, solicited and accepted at least $154,500 from at least 21 customers for purposes of trading foreign currencies through an entity named Grupo Greystone, LLC (Grupo), located in Dallas, Texas. During that time, Yost forwarded only $79,000 of the funds he collected to Grupo and kept the remaining $75,000, the complaint charges.

According to the complaint, Yost sent weekly UR-Link account statements to all customers, even those whose funds he failed to send to Grupo for foreign currency trading or whose funds he had only, in part, sent to Grupo. The complaint further alleges that by issuing and sending to these customers account statements, which represented that their entire investment had been placed in trading and had earned specific profits, Yost and UR-Link issued false statements to them. The complaint further alleges that UR-Link, Yost’s company, through which he operated his foreign currency investment program, is also liable for Yost’s fraudulent conduct.

A public hearing has been ordered to determine whether the allegations in the administrative complaint against Yost and UR-Link are true and, if so, what sanctions are appropriate. Possible sanctions include a cease and desist order, trading prohibitions, restitution to investors, and civil monetary penalties.

The following CFTC Division of Enforcement staff are responsible for the case: Diane Romaniuk, Ava Gould, Donald Nash, Scott Williamson, and Rosemary Hollinger.

Enforcement Staff Contact:
Rosemary Hollinger, Associate Director
CFTC Division of Enforcement, (312) 596-0520

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The CFTC Has Issued A Consumer Advisory Warning the Public of the Risks of Foreign Currency Trading and Foreign Currency Scams

The CFTC has issued a Consumer Advisory (at urging the public to scrutinize claims of high-return, low-risk investment opportunities in foreign currency trading. This Consumer Advisory provides "red flags" to look for, and cautionary steps to be taken before making an investment. The CFTC has also issued Advisories concerning the Commodity Futures Modernization Act of 2000, and how FOREX firms may lawfully offer foreign currency futures and options trading opportunities to the retail public (see CFTC Press Release 4625-02, March 21, 2002, CFTC Advisory, March 21, 2002, and CFTC Advisory 06-01, February 5, 2001).

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