Nevada Court rules in favor of CFTC in case against TradeMasters

Maria Nikolova

TradeMasters and company owner Mirko Schacke shall pay a civil monetary penalty of $504,000 and disgorgement of $168,626, the Court has ruled.

The Nevada District Court, Las Vegas division, on Wednesday granted a Motion by the United States Commodity Futures Trading Commission (CFTC) for a default judgement against TradeMasters, US LLC. The Court entered a judgement in favor of the Plaintiff – the CFTC.

The Defendants – TradeMasters , USA LLC and the company owner Mirko Schacke, are ordered to pay disgorgement, jointly and severally, in the amount of $168,626, plus post-judgment interest. The Defendants should also pay a civil monetary penalty, jointly and severally, in the amount of $504,000, plus post-judgment interest.

In the case, launched in August 2016, the CFTC accused Mirko Schacke and TradeMasters of violations of the Commodity Exchange Act and a number of Commission Regulations, including a failure to register as a commodity trading advisor.

The defendants are alleged to have illegally solicited funds from at least 36 individuals who were allegedly defrauded to have paid money for TradeMasters software and “coaching” services starting in June 2013. In its Complaint, the CFTC has noted numerous material representations made on the website of TradeMasters, which is currently not active.

The misleading claims made by TradeMasters include:

  • that the TradeMasters software was fully automated;
  • that hypothetical trading profits were actual trading profits;
  • that TradeMasters’ “coaches” have more than 2 decades of active day trading experience when Schacke was the only “coach” and had no futures trading experience prior to marketing the TradeMasters software in June 2013;
  • that a customer gained more than 500% in 2014;
  • that a customer gained more than 40% “in only 10 weeks”.

Also on Wednesday, the Honorable Chief Judge Gloria M. Navarro, who is assigned to the case, denied the Motion to Dismiss filed by Mirko Schacke. The denial was based on the fact that the Motion was untimely and failed to provide points and authorities as required.

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