California precious metals firm, owners ordered to pay $38 million for commodity fraud, registration violations

( December 21, 2022, 18:25 GMT | Official Statement) -- MLex Summary: California-based Monex Deposit, Monex Credit, Newport Services and their owners were ordered by the US District Court for the Central District of California to pay $38 million for commodity fraud and registration violations involving thousands of ordinary customers. Monex operated a trading platform while also acting as the counterparty to every transaction. The leveraged trades were required to be executed on a regulated exchange but were not, and Monex never disclosed that the majority of its customers lost money. The firms’ owners were Louis Carabini and Michael Carabini, according to the US Commodity Futures Trading Commission, which filed charges before the court.Statement and document follow below:...

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California precious metals firm, owners ordered to pay $38 million for commodity fraud, registration violations

Prepare for tomorrow’s regulatory change, today

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