Since at least 2015, Casper Mikkelsen has engaged in a fraudulent scheme to solicit money from at least 101 individuals and entities investing their funds with GNTFX.
US Commodity Futures Trading Commission (CFTC) has launched a case against Casper Mikkelsen, a / k / a “Carsten Nielsen” a / k / a “Brian Thomson” a / k / a “Thomas Jensen” a / k / a Casper Muller , the person behind fake FX schemes GNTFX.
The complaint, filed today in New York Southern District Court and seen by FinanceFeeds, alleges that since at least 2015 and continues to this day, Mikkelsen engaged in a fraudulent scheme to solicit and misrepresent money from at least 101 individuals and entities that invested their funds with GNTFX to trade in leveraged or marginalized Forex.
Mikkelsen promised clients he would use his estimate to trade forex on their behalf, and clients in return invested at least $ 1.5 million. Instead of using these funds for forex trading as promised, Mikkelsen instead misused at least some clients’ funds.
Mikkelsen, who was not registered with the Commission in any capacity, made material misrepresentations and omissions to clients, including, for example, that clients’ bank statements accurately reflected the profits and losses of foreigners made on their behalf. In addition, to get customers to invest in this scheme, Mikkelsen also provided clients and / or gave them access to his historical trading results that reported fictitious profits.
It is alleged that the defendant misused at least $ 737,000 in client funds for his personal use. Overall, clients lost at least $ 1.19 million and the rest of client funds were used for purposes other than trading forex, including partially returned to some clients, as is typical in a Ponzi scheme.
In order to hide misappropriation of client funds and continue to perpetuate this scheme, Mikkelsen was responsible for preparing false bank account statements for clients showing fictitious forex trades and profits. Mikkelsen then gave clients access to these fake bank statements.
The CFTC is suing Casper Mikkelsen for violations of § 4b (a) (2) (A), (B) and (C) of the Commodity Exchange Act (“Act”), 7 U.S.C. § 6b (a) (2) (A), (B), (C) (2018) and Commission Regulation (“Regulation”) 5.2 (b), 17 C.F.R. Section 5.2 (b) (2019) (“Forex Fraud Offense”). It is also alleged that Casper Mikkelsen has violated section 4m (1) of the Act. 1, 7 U.S.C. § 6m (1) (2018) and Rule 5.3 (a) (3), 17 C.F.R. § 5.3 (a) (3) (2019) (“CTA registration violations”) and section 4o (1) (A) and (B) of the Act, 7 U.S.C. § 6o (1) (A), (B) (2018) (“CTA fraud offense”).
In this action, the CFTC seeks civil monetary penalties and remedial relief, including, but not limited to, trade and registration bans, restitution, disgorgement, waiver, pre- and post-judgment interest and such other and further relief as the Court may deem appropriate.