Head of FX Ponzi scheme who defrauded investors of $1.1m gets indicted

Maria Nikolova

Thomas Lanzana, operator of schemes like Unique Forex, was charged by indictment with two counts of wire fraud and one count of commodities fraud.

Thomas Lanzana of South Carolina was indicted on Tuesday on charges that he defrauded at least 20 people by soliciting investments in a bogus FX trading scheme, Attorney for the United States Rachael Honig announced.

Lanzana was charged by indictment with two counts of wire fraud and one count of commodities fraud. He was previously charged with the same offenses by criminal complaint on Aug. 10, 2018.

According to the Court documents, from at least 2013, Lanzana solicited approximately $1.1 million from at least 45 customers to invest in what he claimed were highly successful, algorithm-based trading pools in Forex and other financial instruments. He misrepresented to prospective customers that he was a successful forex trader when he was not. To keep his customers’ trust, Lanzana sent them false account statements, posted false monthly account statements to his companies’ websites showing balances – some in excess of $800,000 – for FX trading accounts that did not exist, and sent false tax documents to customers reporting earnings that did not exist.

Lanzana misappropriated at least $350,000 in customer funds, using some to repay earlier investors in the manner of a Ponzi scheme, and to pay for his lavish lifestyle.

The counts of wire fraud with which Lanzana is charged carry a maximum potential penalty of 30 years in prison and a fine of $1 million. The count of commodities fraud carries a maximum potential penalty of 10 years in prison and a fine of $1 million, or twice the gross gain or loss.

As FinanceFeeds has reported, Lanzana was arrested in December 2018 in Park City, Kansas.

The Commodity Futures Trading Commission (CFTC) has also launched a case against the fraudster. In March this year, the case brought by CFTC against Thomas Lanzana, individually and d/b/a Unique Forex, Nikolay Masanko, Blackbox Pulse, LLC, and White Cloud Mountain, LLC, concluded at the New Jersey District Court. Lanzana, Masanko, Blackbox Pulse and White Cloud Mountain were ordered to pay $762,807.24, in restitution and/or disgorgement of profits. The defendants were also ordered to pay a civil monetary penalty in the amount of $1,950,000.

Read this next


BlockDAG Transforms Crypto Mining with X1 Beta App Launch, Raises $49.2M in Presale; SEI & BONK Developments

Uncover BlockDAG’s X1 app beta launch, reshaping mobile mining and propelling its presale to $49.2M, eclipsing BONK and SEI.

Digital Assets

Joe Biden’s campaign explores crypto donations via Coinbase

U.S. President Joe Biden’s campaign is in discussions with cryptocurrency industry players about accepting crypto donations through Coinbase Commerce, sources familiar with the matter told The Block.


VGX Foundation and Honeyland Partner to Offer VGX Rewards for Players

The VGX Foundation has announced a partnership with popular web3 game Honeyland, offering rewards utilizing the VGX token for their players.

Digital Assets

Terraform and Do Kwon fined $4.5 billion to settle with SEC

Terraform Labs and its co-founder Do Kwon have reached a final settlement with the U.S. Securities and Exchange Commission (SEC) regarding a fraud case, according to a court filing on Wednesday.

Retail FX

Dukascopy broadens CFD offering with Italian stocks

Switzerland’s forex bank and broker, Dukascopy has just expanded its offering to include Italian stocks and the Italy 40 Index. The new additions allow clients to access a broader range of investment opportunities in the Italian market.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: Federal Reserve Monetary Policy, US Inflation,Eurozone June 12 ,2024

The Fed meets today to decide on interest rates. A dovish shift (keeping rates steady or hinting at cuts) is expected, weakening the US dollar and potentially boosting gold prices.


BlockDAG Leads CoinSniper Ranking as Presale Surges to $49.2M While Cardano Shows Resilience & ApeCoin Surges

Explore BlockDAG’s #1 ranking on CoinSniper listing as presale booms to $49.2M. More on ADA’s resilience & ApeCoin’s surge.

Market News, Tech and Fundamental, Technical Analysis

Gold Technical Analysis Report 12 June, 2024

Gold can be expected to rise further toward the next resistance level 2385.00, which stopped the previous minor correction B at the start of June.