CFTC-PR-9016-24 (12-11-24) (CFTC-PR-2412)
Federal Court Orders North Carolina Companies and Their Owners to Pay Over $5.3 Million for Forex Fraud
Excerpt: December 11, 2024 – WASHINGTON, D.C. — The Commodity Futures Trading Commission today announced the U.S. District Court for the Western District of North Carolina issued an order for summary judgment and a permanent injunction against Storm Bryant and Elijah Bryant III, formerly of Raleigh, North Carolina and Los Angeles, and CapitalStorm LLC, GenerationBlack LLC, and Ncome LLC, all North Carolina limited liability companies, on charges the defendants operated a fraudulent foreign currency scheme, misappropriated over $1.9 million in client funds and committed related registration violations.
The court’s order permanently bans Storm Bryant, Elijah Bryant, and their three related companies from trading in any CFTC-regulated markets and registering with the CFTC. It also requires them to pay, jointly and severally, $1.3 million in restitution to their victims and a $3.9 million civil monetary penalty in connection with a fraudulent forex scheme.
The order finds from March 2018 to September 2021, the three LLCs acted as commodity trading advisors without being registered with the CFTC, mishandled client funds and failed to keep and maintain books and records as required by CTAs; and Storm and Elijah Bryant acted as associated persons of a CTA without being registered with the CFTC as required.
The court’s order resolves the CFTC’s enforcement action against Storm Bryant, Elijah Bryant, Capital Storm LLC, Generation Black LLC, and Ncome LLC. [See CFTC Press Release 8446-21]
Source: https://www.cftc.gov/PressRoom/PressReleases/9016-24
Categories: FOREX Fraud – Misappropriation –
CFTC-PR-9016-24 (12-11-24)