For Release: August 2, 2007
U.S. Commodity Futures Trading Commission Charges Washington State Man and His Companies with Defrauding Customers in Retail Foreign Currency (FOREX) Options Scheme
Joseph Clark Lavin and Global Asset Partners, LTD, Global Currency Trading Group, LLC, and Global Currency Trading Fund, LLC Allegedly Defrauded Customers of More Than $16 Million
Washington, D.C. – The U.S. Commodity Futures Trading Commission (CFTC) announced today the filing of a civil enforcement action on August 1, 2007, in the U.S. District Court for the Western District of Washington against Joseph Clark Lavin (a/k/a Joseph Ivcevic) and his companies: Global Asset Partners, LTD (a/k/a Global Asset Partners, LLC); Global Currency Trading Group, LLC; and Global Currency Trading Fund, LLC of Woodinville, Washington, for fraud and the issuance of false reports to customers.
According to the complaint, Lavin solicited retail customers throughout the United States, Canada, France, and Panama to purchase foreign currency (forex) options contracts.
The CFTC complaint alleges that, beginning in or about January 2001 to the present, Lavin, individually, and as the agent of his Global companies, engaged in a scheme to defraud customers of more than $16 million. Lavin allegedly told potential customers that customer funds would earn profits of 2.5 percent per month, or greater, and failed to disclose that the defendants were receiving one percent per month as a commission. As further alleged in the complaint, the defendants, after accepting money from customers, issued false reports to these customers that misrepresented “profits” and concealed the commissions.
The complaint also names Rebecca Lavin, Wendy Anderson, and Prosperitas International Credit Union as relief defendants for allegedly having received funds directly traceable to the defendants’ fraudulently obtained customer funds.
The CFTC wishes to thank the U.S. Securities and Exchange Commission, the U.S. Attorney’s Office for the Western District of Washington, the F.B.I, and the Internal Revenue Service for their cooperation in this matter.
The following Division of Enforcement staff are responsible for this case: Timothy J. Mulreany, David Reed, Michael Amakor, Paul Hayeck, and Joan Manley.
Last Updated: August 4, 2007