CFTC halts another Forex ponzi scheme

CMA Capital Management and owner Claudio Aliaga ran a $4.5 million Ponzi scheme, the Commodity Futures Trading Commission claims in Federal Court. It sued Claudio Aliaga and his unregistered company, CMA Capital Management, of Miami Lakes.

Aliaga, of Davie, Fla., promised to pay returns of 2 to 3 percent per month, but used new money to pay off old investors and sent his suckers false account statements that concealed the losses on trades he did make, the CFTC says. The agency claims he took $4.5 million from 125 private investors, but deposited less than $2 million of it into Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term trading accounts. He took another $2.2 million from retail investors.

Aliaga sent his customers' money to his own Swiss accounts, spent it on "two luxury cars", travel, his mortgage and other things for himself, took $438,000 in cash, and sent along another $1 million to his wife, Betty Aliaga, a relief defendant, the CFTC says.

In soliciting actual and prospective to invest funds, Defendants, directly and through others, made the following fraudulent omissions and misrepresentations, among others:

• The omission that Aliaga misappropriated customer funds;
• The omission that customer funds were not all used for Forex Trading Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Read this Term;
• That Aliaga was a successful forex trader;
• That Aliaga's forex trading generated sufficient returns to consistently pay customers 2-3% returns per month; and
• That there was no risk of loss of customers' principal.

CFTC Ponzi Aliaga