NY Court extends stay of CFTC action against alleged FX fraudster Brett Hartshorn

Maria Nikolova

Brett G. Hartshorn stands accused of having fraudulently solicited at least $906,000 for purposes of Forex trading.

Judge Andrew L. Carter of the New York Southern District Court has granted an extension of the civil action brought by the United States Commodity Futures Trading Commission (CFTC) against Brett G. Hartshorn. The defendant stands accused of fraudulent solicitation at least $906,000 for purposes of Forex trading.

On Friday, September 20, 2019, the parties in the case submitted a Joint Status Report. The document stated that Counsel for the CFTC had spoken with the Assistant United States Attorney for the Middle District of Florida, who is handling the related criminal matter. Hartshorn has agreed to a guilty plea in principle. The AUSA has advised counsel for the Commission that the plea agreement is currently being finalized. Accordingly, the parties in the civil action requested that the stay is continued.

According to the latest filings with the New York Southern District Court, the stay in the civil case is extended until December 20, 2019. The parties were ordered to provide the Court with a Joint Status Report on or before December 13, 2019, and in any event to submit a status report to the Court before December 13, 2019 if there are developments in the criminal matter.

Let’s recall that the CFTC has found that from at least June 18, 2008 to in or around 2014 Hartshorn fraudulently solicited at least 13 individuals including members of his church and individuals he met in his local community, to invest in off-exchange foreign currency on a leveraged, margined, or financed basis and to give Hartshorn discretionary authority to trade forex on their behalf.

Hartshorn is known for his rather emotional statements. In one of his emails to the Judge assigned to his case, Hartshorn confessed:

“I have no idea what I am doing, I am sure the team at the CTFC are very joyful every time I send a response because it is SO out of order and makes me look like such a fool”.

That email concluded with a rather pessimistic statement about how the defrauded investors and the CFTC have nothing to win from the case against Hartshorn:

“The former friends of mine who may want me in jail for losing some of their net worth will not get that satisfaction. They will not get their money back…I guess the CTFC and the plaintiff’s goal is to win this case and have a judgement against me forever. That is a lose-lose situation…they will never get the money, and in todays computer age, I will never be afforded the opportunity for a normal job…”

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<