Belize Regulator Suspends Oasis Global FX Over Alleged Fraud
On April 22, 2019, the Commodity Futures Trading Commission (CFTC) introduced that it became pursuing civil enforcement action in federal court in Florida in opposition to a number of organizations and individuals.
According to the CFTC, the defendants of Oasis Global FX raised about $75 million from over 700 buyers. Of that $75 million, the defendants blew $47 million on flashy vehicles, huge houses and luxurious vacations. The CFTC claims that the alleged fraudsters promised investors massive returns from foreign exchange or also known as FX, funding pools. In its launch announcing the civil enforcement action, the financial regulator said that the defendants did try to trade within the FX markets but misplaced all the $21 million that they tried to invest.
One of the pools that they deposited cash into was operated by Oasis. And, the day after the CFTC said it would be pursuing enforcement movement, the Belize regulator sent a letter to the corporation asking why it has to not suspend its license to trade in monetary and commodity-primarily based buying and selling contraptions.
On Wednesday, the regulator launched any other declaration pronouncing that Oasis had no longer responded to its request and that it’d be suspending the organization’s trading license.
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