U.S. COMMODITY FUTURES TRADING COMMISSION SETTLES FOREIGN CURRENCY FUTURES FRAUD ACTION
Kissimmee, Florida Resident Stanley Craig Wakefield Agrees to Repay Customers and Pay a Civil Monetary Penalty
WASHINGTON, D.C. - The U.S. Commodity Futures Trading Commission (CFTC) announced today that the United States District Court for the Middle District of Florida issued a consent order of permanent injunction against Stanley Craig Wakefield, finding him liable for violations of the Commodity Exchange Act (CEA), including the fraudulent offer and sale of illegal foreign currency (forex) futures contracts to the retail public.
The consent order, entered on October 8, 2004, finds that, from March 2001 to late 2002, Wakefield was managing director of InterTrade Forex, Inc. when it sold illegal forex futures contracts to the retail public. Further, the consent order finds that from December 2002, the InterTrade website contained a historical performance chart for its managed forex accounts, in which the monthly returns listed for a 20-month period were false.
In addition, the consent order finds that, as managing director, Wakefield was responsible for developing the InterTrade website and managing the day-to-day operations of the company. According to the findings of the consent order, Wakefield controlled InterTrade and is, therefore, liable for InterTrade's illegal actions.
The order requires Wakefield to repay InterTrade customers $176,778 and to pay a $50,000 civil monetary penalty. The court's order also imposes a five-year trading, a registration ban, and permanently prohibits Wakefield from violating the CEA.
Wakefield consented to the entry of the consent order without admitting or denying the allegations in the complaint or findings in the consent order.
The order stems from a complaint filed by the CFTC on January 29, 2003 (see CFTC News Release 4753-03, February 11, 2003).
The following Division of Enforcement staff were responsible for this action: Jason Gizzarelli, Karen Kenmotsu, Kay Majors-Guy, and Gretchen Lowe.
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