CFTC secures entry of default against fraudulent FX scheme Oasis International Group

Maria Nikolova

The US regulator alleges that OIG was a part of a fraudulent scheme that solicited approximately $75 million from investors.

The United States Commodity Futures Trading Commission (CFTC) has managed to obtain an entry of default against Oasis International Group (OIG) – one of the defendants in a Forex fraud case.

Earlier in June, as FinanceFeeds reported, the CFTC filed a motion with the Florida Middle District Court, requesting a clerk’s entry of default against Oasis International Group, Ltd. (OIG). As per the latest Court filings, seen by FinanceFeeds, the Court has granted the CFTC’s request. A default has been entered against the defendant.

In this lawsuit, the CFTC is targeting Oasis International Group, Limited (OIG), Oasis Management, LLC (OM), Satellite Holdings Company (Satellite), Michael J. DaCorta (DaCorta), Joseph S. Anile, II (Anile), Raymond P. Montie, III (Montie), Francisco “Frank” L. Duran (Duran), and John J. Haas (Haas). The US regulator alleges that the defendants solicited approximately $75 million from investors.

In its Complaint, the CFTC alleged that the defendants were engaged in a fraudulent scheme to solicit and misappropriate money from over 700 U.S. residents for pooled investments in retail FX contracts. The CFTC also alleged that between mid-April 2014 and mid-April 2019, the defendants fraudulently solicited hundreds of members of the public to invest approximately $75 million in two commodity pools that purportedly would trade in Forex. Rather than use pool participants’ funds for forex trading as promised, however, the defendants traded only a small portion of pool funds in forex – which trading incurred losses – and instead misappropriated the majority of pool participants’ funds and issued false account statements to pool participants to conceal their trading losses and misappropriation.

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