The Commodity Futures Trading Commission (CFTC) filed a civil enforcement action against several foreign currency (forex) trading firms and its principals for allegedly committing fraud.
The defendants include Oasis International Group, Limited, Oasis Management, LLC, Satellite Holdings Company, Michael J. DaCorta, Joseph S. Anile, II, Raymond P. Montie, III, Francisco L. Duran, and John J. Haas.
Allegations against the forex trading firms and its principals
The CFTC accused alleged that the defendants operated a $75 million forex trading scheme. They allegedly defrauded more than 700 U.S. residents, who made investments in Oasis Global FX and Oasis Global FX, SA (collectively referred to as Oasis Pools) that would purportedly trade in forex.
The CFTC accused the defendants of misappropriating $47 million to return funds to certain pool participants and for personal use.
The defendants allegedly used over $28 million to make Ponzi-like payments to other pool participants and spent more than $18 million for unauthorized personal or business expenses such as real estate purchases in Florida, exotic vacations, sports tickets, etc.
