US Court issues Receivership Order in CFTC case targeting fraudulent FX scheme OIG

Maria Nikolova

The Court takes exclusive jurisdiction and possession of the assets of all the defendants in the case, including Oasis International Group, Satellite Holdings Company, Michael J. DaCorta, and Raymond P. Montie, III.

The proceedings against fraudulent Forex scheme Oasis International Group, Ltd. (OIG) and the entities and individuals associated with it continue at the Florida Middle District Court.

The latest filings in the case brought by the Commodity Futures Trading Commission (CFTC) include a Consolidated Receivership Order. The document was signed by Judge Virginia M. Hernandez Covington on July 11, 2019.

As per the Order, seen by FinanceFeeds, the Court takes exclusive jurisdiction and possession of the assets of the following Defendants and Relief Defendants: Oasis International Group, Limited; Oasis Management, LLC; Satellite Holdings Company; Michael J. DaCorta; Joseph S. Anile, II; Raymond P. Montie, III; Francisco “Frank” L. Duran; John J. Haas; Bowling Green Capital Management, LLC; Lagoon Investments, Inc.; Roar Of The Lion, Fitness, LLC; 444 Gulf of Mexico Drive, LLC; 4064 Founders Club Drive, LLC; 6922 Lacantera Circle, LLC; 13318 Lost Key Place, LLC; and 4Oaks LLC.

Burton W. Wiand, Esq. of Wiand Guerra King P.A. is appointed to serve without bond as receiver for the estates of the defendants. The Order also constitutes the appointment or re-appointment of the receiver.

All receivership property remains frozen until further order of this Court. Accordingly, all persons and entities with direct or indirect control over any Receivership Property, other than the Receiver, are hereby restrained and enjoined from directly or indirectly transferring, setting off, receiving, changing, selling, pledging, assigning, liquidating or otherwise disposing of or withdrawing such assets. This freeze shall include, but not be limited to, Receivership Property that is on deposit with financial institutions such as banks, brokerage firms, and mutual funds. This freeze shall also include but not be limited to Receivership Property held as real property, personal property, intangibles, collectibles, metals, and cryptocurrencies.

As per the Order, the Receiver is authorized to take immediate possession of all assets, bank accounts or other financial accounts, books and records, and all other documents or instruments relating to the Receivership Defendants.

The Receiver is authorized to take all actions to manage, maintain, and/or wind-down business operations of the Receivership Defendants, including: (i) furloughing, terminating, and/or engaging employees on a contract basis; (ii) closing the business; and (iii) making legally required payments to creditors, employees, and agents of the Receivership Estates and communicating with vendors, investors, governmental and regulatory authorities, and others, as appropriate.

The Receiver shall also take all necessary steps to enable the Receivership Funds to obtain and maintain the status of a taxable “Settlement Fund”.

Let’s recall that, in its Complaint, the CFTC alleges 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.

Read this next

Digital Assets

Centralized exchanges are 10 times more popular than DEXs in Western Europe

Western European traders are found to prefer centralized exchanges over decentralized ones as CEX traffic outpaces DEXs by a factor of ten.

Market News

Stock Market Analysis: Is NVDA Losing Its Leadership?

Since the beginning of the week, the S&P 500 Index (US500) has seen a modest increase of about 0.58%, whereas NVDA’s share price has experienced a decline of approximately 3.8%. This recent divergence raises concerns among Nvidia stock investors — could it signify a loss of NVDA’s market leadership?

Industry News

ESG: Australian regulator wins first greenwashing court case against Vanguard

Vanguard admitted that a notable portion of the securities within both the Index and the Fund did not undergo the promised ESG scrutiny.

Fintech, Uncategorized

BitMEX integrates HALO from Solidus Labs for cross-market surveillance

““The recent approval of the Spot Bitcoin ETF has piqued the market’s interest. As a result of price volatility, the trading volumes for crypto derivatives have gone up substantially. HALO, with its advanced technology and crypto-native detection architecture, will enable BitMEX to smoothly and safely scale trade surveillance across its increased trading volumes and provide the necessary safeguards for new product launches.”

Reviews

IUX Broker Review

IUX, recently rebranded from IUX Markets, stands as a multi-asset Forex broker recognized for its regulatory compliance across various jurisdictions.

Industry News

Horizon Software rebrands to Horizon Trading Solutions

“Horizon Trading Solutions has seen accelerated global growth over the past year to meet the rising demand for our trading solutions and built-for-purpose technology offering. The choice to rebrand represents a key part of this development, while maintaining our heritage and history in the industry.”

Market News

USDJPY has surged to levels last witnessed in 2022. Should we consider opening a short position?

The recent resurgence of the US dollar has propelled USD/JPY to new heights, touching levels not seen since 2022. This surge comes against the backdrop of stable short-term yields and ongoing economic data that fails to signal a significant slowdown, prompting questions about the extent of current monetary easing measures.

Digital Assets

DED Trends on Twitter After Memecoin Snapshot Announcement

Polkadot-backed community coin #DED, made it to the trending charts on X, demonstrating community’s engagement and interest behind the memecoin. 

Digital Assets

BlockDAG Presale Nears $10 Million Amid Toncoin’s Momentum, Green Bitcoin’s Presale, and the Rise of Other Top Cryptos

This article will examine three top trending topics: Toncoin’s potential, Green Bitcoin’s innovative presale, and BlockDAG’s sustainable mining approach. These cryptocurrencies take centre stage for their uniqueness and innovation.

<