U.S. COMMODITY FUTURES TRADING COMMISSION BRINGS FRAUD CHARGES AGAINST SOUTH AFRICAN RESIDENT JAMES DE WET WHO OPERATES COMPANY TEAM FOREX INTERNATIONAL AND WEBSITE
CFTC Alleges That de Wet, Doing Business As Team Forex International, Misrepresented His Trading Track Record
WASHINGTON, D.C. – The U.S. Commodity Futures Trading Commission (CFTC) announced today the filing of an enforcement action in the United States District Court for the Southern District of New York against James de Wet (de Wet) of Port Elizabeth, South Africa. De Wet operates a website, www.teamforex.com, through which he markets managed foreign currency accounts under the name Team Forex International (Team Forex).
Specifically, the CFTC complaint alleges that de Wet engaged in the fraudulent solicitation of customers by misrepresenting his past performance. According to the CFTC complaint, de Wet’s actual trading results in the managed accounts were, in certain instances, materially different from the performance record displayed on the Team Forex website. The complaint also alleges that de Wet falsely claimed on the website that the purported trading results were “audited.”
The CFTC is seeking preliminary and permanent injunctive relief, repayment to defrauded customers, the return of ill-gotten gains, and monetary penalties for violations of the Commodity Exchange Act.
The CFTC appreciates the cooperation of the Financial Services Board of the Republic of South Africa in bringing this matter.
The following CFTC staff members are responsible for this case: Karin N. Roth, Linda Santiago, Grant Collins, David W. MacGregor, Lenel Hickson, Stephen J. Obie, and Richard Wagner.
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The CFTC encourages members of the public to bring to our attention any suspicious
activities involving futures or commodity options, including matters involving foreign
currency (forex) investments or suspicious Internet websites.
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