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  • CFTC Orders ACI Capital Group, L.L.C. And Alexandre P. Guimaraes To Pay Approximately $850,000 In Restitution And Penalty To Settle Forex Fraud Charges

    Date 14/05/2012

    • The U.S. Commodity Futures Trading Commission (CFTC) today filed and simultaneously settled charges against Alexandre P. Guimaraes and his company, ACI Capital Group, L.L.C. (ACI), both of Irvine, Calif., for fraudulently soliciting customers to trade off-exchange foreign currency contracts (forex), issuing hundreds of false monthly account statements to customers to conceal trading losses, and misappropriating a portion of customer funds. Guimaraes also was charged with acting as an unregistered commodity trading advisor (CTA).

      The CFTC order requires Guimaraes and ACI jointly and severally to pay $428,046.31 in restitution and a $420,000 civil monetary penalty. The order also imposes permanent trading and registration bans against the respondents.

      The order finds that, from about February 2010 to approximately February 2011, Guimaraes and ACI fraudulently solicited more than $465,000 from approximately 29 individuals throughout California and Hawaii to trade forex by falsely representing Guimaraes’ experience trading forex and his purportedly consistently profitable returns.

      However, beginning in April 2010 and continuing until February 2011, the respondents sustained substantial trading losses for ACI customers and failed to disclose the losses to those customers, according to the order. The respondents concealed the losses by issuing hundreds of false monthly account statements to ACI customers, showing that each customer was earning a profit every month, the order finds. In addition, Guimaraes misappropriated more than $44,000 of ACI customer funds, using the funds to pay for personal expenses, the order finds. Finally, the order finds that Guimaraes, on behalf of ACI, acted as a CTA for retail forex without registering with the Commission and that ACI is liable for his conduct.

      CFTC Division of Enforcement staff responsible for this action are Amanda L. Harding, David S. Slovick, Michael Loconte, Erica Bodin, Kathleen M. Banar, Rick Glaser, and Richard Wagner.

  • Moody's Downgrades Italian Banks - Outlooks Remain Negative - Actions Conclude The Review Announcements Of 15 February 2012 And Other Dates

    Date 14/05/2012

    Moody's Investors Service has today downgraded by one to four notches the long-term debt and deposit ratings for 26 Italian banks, including five banks that are part of larger groups. In almost all cases, the rating actions reflect concurrent downgrades of these banks' standalone credit assessments, rather than changes in Moody's assumptions about levels of third party support, including Government support.

  • Toronto Stock Exchange, TSX Venture Exchange, TMX Select And Montreal Exchange Closed For Victoria Day

    Date 14/05/2012

    Toronto Stock Exchange, TSX Venture Exchange, TMX Select and Montreal Exchange will be closed on Monday, May 21, 2012 for the Victoria Day holiday. Natural Gas Exchange will remain open for regular trading.

  • European Parliament - Fiscal Policy: MEPs Adopt Position Amid Division On Best Route To Take

    Date 14/05/2012

    The European Commission should have more control over fiscal policy in EU Member States, but not the free rein it asked for, says the Economic and Monetary Affairs Committee in texts, voted on Monday, stating a position on the economic governance "two pack". This increased power must be democratically controlled and serve to spur economic growth, MEPs say.

  • SEC Charges China-Based Company And Executive For Concealing Loans To Benefit His Family

    Date 14/05/2012

    The Securities and Exchange Commission today charged a China-based natural gas company and an executive for defrauding investors by secretly loaning company funds to benefit his son and nephew while failing to disclose the true nature of the loans.

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