CFTC seeks default judgement against All City Investments over Forex fraud

Maria Nikolova

The CFTC has charged All City Investments, LLC with solicitation fraud in connection with off-exchange Forex transactions and with failure to register as a Commodity Trading Advisor as required.

The United States Commodity Futures Trading Commission (CFTC) is seeking to finalize the legal proceedings against All City Investments, LLC in a Forex fraud case. On Wednesday, October 18th, the regulator filed a motion for a final judgement by default against All City at the New York Southern District Court.

According to the Motion and the accompanying Declaration by Katie Rasor, a Trial Attorney at the Division of Enforcement of the CFTC, the regulator is moving the Court for an entry of a Final Judgment by Default, Permanent Injunction, Civil Monetary Penalties, and Other Statutory and Equitable Relief Against Defendant All City Investments, LLC.

All City and its President, Secretary, Member and controlling person Jamal Y. Vance are defendants in a civil case accusing them with solicitation fraud in connection with off-exchange foreign currency (forex) transactions and with failure to register as Commodity Trading Advisors (CTAs) with the CFTC as required.

All City solicited the retail public using its website, for the purpose of trading in forex. The website advertised “the advantages of forex trading” and claimed that “we help clients grow their wealth in a recession proof vehicle” by “growing wealth in WEEKS NOT YEARS!” The website also referred to All City as a “forex trader/wealth accumulation strategist.”

The company also presented a graph with an accompanying table and text that falsely and misleadingly showed “2,675.10% growth” from December 2013 through September 2015. It further falsely and/or misleadingly claimed that All City performed 444 trades during that timeframe broken down as follows: “Profit Trades: 442 (99.55%)” and “Loss Trades: 2 (0.45%).” The regulator alleges that the information on the trading graph, table, and text was all false and/or misleading.

There has been no answer on behalf of All City with regard to the allegations. All City has not participated in any court conferences, provided initial disclosures or responded to any of the Commission’s discovery demands including answering the Commission’s requests for interrogatories and/or responding to the Commission’s demand for documents.

On top of the motion for a default judgement against All City, the CFTC also filed a proposed consent Order which, if entered by the Court, would resolve all claims against the only other Defendant in this action, Defendant Vance.

Read this next

Retail FX

XPRTcoin Review 2022 – Is XPRTcoin Scam or Legit?

Read our XPRTcoin review today to learn all you need to know about XPRTcoin before signing up with the broker ( – by FinanceFeeds.

Retail FX

Financial services domains blocked by Consob rise to 708

In yet another episode in a long-running campaign, the Italian financial regulator, Consob, once again blocked access to a number of investment websites, including those holding licenses in other jurisdictions.

Digital Assets

Binance upgrades Bahrain license to offer full-suite of crypto services

The Central Bank of Bahrain (CBB) has granted Binance its Category 4 license as a fully-fledged crypto-asset service provider (CASP).

Digital Assets

BitMEX spot exchange hits $24 million in daily volume

The newly-launched spot market of crypto exchange BitMEX reported a record of $24 million in 24-hour trade activity on May 25.

Retail FX

Financial Commission certifies offering of trade copier 4X Solutions

The Financial Commission, an independent self-regulatory compliance specialist for the financial services industry, has certified the trading technology offered by trade copier 4X Solutions.

Industry News, Inside View

LIVE from Devexperts webinar for brokers on Fractional Trading

Finance Feeds is providing live coverage of the event that aims to help brokers discover fractional shares as a key tool for a successful brokerage business in today’s trading industry.

Industry News, Retail FX

ASIC celebrates retail ban on binary options as 68% of wholesale clients lose money

In the 13 months before the ban, between 74% and 77% of active retail clients lost money trading binary options. The product intervention order does not apply to wholesale clients.

Crypto Insider

Investing in crypto: how to stay away from weak players

The main reason behind the hacks of crypto exchanges is weak key management. For example, all 4 hacks that took place in 2021 were caused by the ability of hackers to obtain access to hot wallets. 

Retail FX

Vantage launches swap-free gold XAUUSD trades for all clients until end of July

“As the greenback continues to strengthen, we want to support traders who remain bullish on gold or seek short term trading opportunities amid the volatility”