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ApuroFX with 2 million USD penalties from the US regulator

ApuroFX with 2 million USD penalties from the US regulator

created Natalia Bojko21 March 2019

The US regulator Commodity Futures Trading Commission (CFTC) recently called on ApuroFX operators to pay 2 a million dollars in fines. The basis for this was supposed to be alleged fraud committed in South Korea. The CFTC gave a series of violations that ApuroFX was to admit.

False bank statements

Commodity Futures Trading Commission accuses ApuroFX of many scams. These include, among others, embezzlement, solicitation and persuasion or encouragement to make false statements. One of the key crimes committed by ApuroFX relates to a multitude of false bank statements. They were prepared by the company so that the investment status could be easily manipulated. Such action has misled investors without informing them of the real account balance. According to investigators, Jin Choi (the main accused) persuaded traders to invest money in his company, citing his incredible profit-making possibilities (often reports of these "profits" were deliberately manipulated). Unfortunately, these funds have often been used for personal purposes of the accused or for the sake of maintaining the credibility of the project paid to other investors.

The fine imposed is not high

ApuroFX considered the California Court at the request of the CFTC. The judgment was imposed on Jin Choi and the companies with which Apuro Holdings Ltd (Apuro) was associated, known as ApuroFX and JCI Holdings USA (JCI) known as JCI Trading Group, LLC. The fine that was imposed is considered low due to on the scale of committed crimes. It is to be paid in the form of compensation to victims. As a standard, in such cases it is forbidden to conduct further activities in order to avoid the same offense being committed by the accused for the second time.

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About the Author
Natalia Bojko
Graduate of the Faculty of Economics and Finance, University of Białystok. He has been actively trading on the currency and stock markets since 2016. It assumes that the simplest analyzes bring the best results. Supporter of swing trading. When selecting companies for the portfolio, he is guided by the idea of ​​investing in value. Since 2019, he has held the title of financial analyst. Currently, he is the co-CEO & Founder in the Czech proptrading company SpiceProp. Co-creator of the Podlasie Stock Exchange Academy project (XNUMXrd and XNUMXth edition).

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