Unregistered Commodity Pool Operator and It’s Principal Charged with Fraud in Missouri
A civil enforcement action was filed today in the U.S. District Court for the Eastern District of Missouri against Joshua Christian McDonald, and his company Perfection PR Firm LLC (PPR), by the Commodity Futures Trading Commission. McDonald’s company, out of California and Tennessee, was charged for an off-exchange foreign currency trading scheme of fraud and misappropriation. PPR was requesting funds out of 12 investors, where a number of them reside in Missouri. Funds solicited from investors by PPR add up to $440,000, at least.
Investors money was being placed in bank and trading accounts in PPR’s names, while the defendants behaved as though they were an unregistered commodity pool operator. McDonald, the company owner, also acted as though he was an unregistered affiliated person of PPR. McDonald also made false promises of growth of between 10% and 50% in value each month, and he was profitably trading forex. While he was actually losing money, and not trading forex with a favorable outcome for investors. McDonald in turn, used investors money to pay personal bill according to the complaint filed by the CFTC. The complaint further states, that investors lost the bulk of their invested money.
The CFTC’s press release states: “the CFTC seeks full restitution to defrauded clients, disgorgement of any ill-gotten gains, a civil monetary penalty, permanent registration and trading bans, and a permanent injunction against future violations of the Commodity Exchange Act, as charged.”
To read the press release in full: https://www.cftc.gov/PressRoom/PressReleases/8119-20?utm_source=govdelivery
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