U.S. COMMODITY FUTURES TRADING COMMISSION AWARDED FINAL JUDGMENT IN FRAUD ACTION AGAINST INTERTRADE FOREX, INC. AND U.K. RESIDENT PRITESH PATEL
Defendants Ordered to Pay More Than $650,000 in Civil Penalty and Customer Restitution
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 an order and final default judgment imposing penalties against defendants InterTrade Forex and Pritesh Patel, both formerly of Florida and most recently of London, U.K., in a CFTC foreign currency (forex) futures fraud action the CFTC brought against them in January 2003 (see CFTC News Release 4753-03, February 11, 2003). The court’s order requires defendants to pay $434,097 to injured customers and to pay a civil monetary penalty of $240,000.
According to the order, the court found that InterTrade Forex and Patel sold illegal
forex futures contracts to the retail public through an Internet website. The order
further finds that, between March 2001 and December 2002, the InterTrade Forex website
contained a historical performance chart for its managed forex accounts in which some,
if not all, monthly returns listed were false. According to the findings in the order,
InterTrade Forex, to support the fraudulent figures in the historical performance
chart provided by Patel, sent its customers false account statements.
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