U.S. COMMODITY FUTURES TRADING COMMISSION OBTAINS FEDERAL COURT ORDER FREEZING ASSETS OF BULGARIAN WEBSITE OWNER IN FOREIGN CURRENCY FRAUD ACTION
CFTC Charged Marin Illiev Yanev with Fraudulent Solicitation of Customers Through His Websites
Washington, D.C. -- The U.S. Commodity Futures Trading Commission (CFTC) announced today that the United States District Court for the Southern District of Ohio entered a restraining order against defendant Marin Illiev Yanev, of Sofia, Bulgaria, individually and d/b/a Fx Unigma, Inc. and FX World, Inc., freezing Yanev’s assets and preventing the destruction or alteration of his books and records until a further hearing set for December 12, 2005.
The court’s order stems from a CFTC enforcement action alleging that, since at least October 2003, Yanev operated two websites, www.fx.unigma.com and www.fx-world.com, through which Yanev solicited funds from retail customers to trade foreign currency (forex) futures contracts through accounts supposedly managed by FX Unigma and FX World. The complaint further alleges that Yanev, through his websites, made material misrepresentations of fact, including the actual existence of the managed accounts, the performance record of the purported FX Unigma, the location of FX Unigma’s offices, and the longevity of FX Unigma’s supposed managed account operations.
In its ongoing litigation, the CFTC is seeking a permanent injunction against Yanev, repayment to injured customers, restitution, disgorgement of ill gotten gains, and a monetary penalty.
The CFTC appreciates the cooperation of the United States Attorney’s Office for the Southern District of Ohio.
The following CFTC Division of Enforcement staff members were responsible for this case: Robert Hildum, Peter Haas, Ken Koh, Michael Amakor, Grant Collins, Susan Berkowitz, Paul Hayeck, and Joan Manley.
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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.
You may contact the CFTC at 1-866-FON-CFTC (1-866-366-2382), visit us at our Customer Protection web page: (www.cftc.gov/cftc/cftccustomer.htm), or fill out our Internet Report Formidentifying your concerns (www.cftc.gov/enf/enfform.htm).
In addition, the CFTC publishes a series of Consumer Advisories at http://www.cftc.gov/cftc/cftccustomer.htm#advisory alerting the public to warning signs of possible fraudulent activity and offering precautions individuals should take before committing funds.
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