CFTC Puts an End to Forex Global Solutions (Barry Sendach, and Joshua Kershner) Fraud Making Them Pay $750,000

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 Global Solutions managed by Barry Sendach and Joshua Kerschner for the past few years was marketing, and in my case harassing, to scores of people trying to force them into investing with them. Finally CFTC put an end to this.

One of the emails I've received on May 5th, 2011 including the following statement (it was almost impossible to unsubscribe from their marketing list):

Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Barry Sendach of Boca Raton, Fla., Joshua Kershner of Boynton Beach, Fla., and their Boca Raton-based companies, Forex Global Solutions Inc. and Forex Global Solutions Ltd. (together, Forex Global), for fraudulently soliciting customers to trade foreign currency (forex) and violating CFTC registration requirements. The Order requires Forex Global, Sendach, and Kershner, jointly and severally, to pay a $750,000 civil monetary penalty and imposes permanent trading and registration bans against them.

The CFTC Order finds that since October 18, 2010, Forex Global fraudulently solicited customers to open off-exchange 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 accounts and grant discretionary trading authority over those accounts to Forex Global. In its solicitations, Forex Global published false historical performance returns on its website and in its solicitation emails and failed to disclose that it calculated the performance returns inaccurately, including by reflecting only one of the three fees that customers are charged, the Order finds.

The Order also finds that since October 18, 2010, Forex Global, Sendach, and Kershner failed to register with the CFTC as required under comprehensive new CFTC forex rules that became effective on that date.

Under those rules — which are designed to protect individual investors that buy forex contracts from or sell forex contracts to forex firms — entities that obtain or exercise discretionary trading authority over forex trading accounts must be registered with the CFTC as Commodity Trading Advisors (CTAs), and entities that solicit or accept forex trades must be registered with the CFTC as Introducing Brokers (IBs). The CFTC forex rules also require certain persons associated with a CTA or IB to be registered as Associated Persons (APs) of the CTA or IB. The Order finds that Forex Global violated those rules by acting as a CTA and IB without registering in those capacities, and further finds that Sendach and Kershner violated those rules by acting as APs of Forex Global without registering as APs. (For more information, see the CFTC’s Forex Currency Trading web page.)