CFTC to push for final judgment against GNTFX operator

The United States Commodity Futures Trading Commission (CFTC) is pressing ahead with its action against Casper Mikkelsen, the operator of fraudulent investment company GNTFX. This becomes clear from documents filed with the New York Southern District Court on December 3, 2021.

In the documents, seen by FX News Group, the Commission confirms that it will move for Final Judgment by Default by December 17, 2021.

The CFTC launched this case in May 2020. To date, Mikkelsen has not answered, pleaded, defended against the Commission’s Complaint, or made an appearance in this case, and the Commission has received no communication of any kind from the defendant.

The fact that Mikkelsen is a Danish citizen and that the service of the complaint took a long time to complete are among the factors for the delay of the proceedings.

The Complaint alleges that Mikkelsen engaged in a fraudulent scheme to solicit and misappropriate money from at least 101 individuals and entities who invested their funds with an alleged company called GNTFX. The CFTC contends that Mikkelsen misappropriated at least $737,000 of client funds for his personal use and that in total purported investors lost at least $1.19 million.

As a result of this conduct, the Complaint alleges three counts of violations of the commodities laws.

The regulator has moved the Court to grant final judgment by default against Casper Mikkelsen, order permanent injunctive relief, and impose a restitution obligation and civil monetary penalty.

The CFTC seeks that Casper Mikkelsen pays a fine of $3,573,860.61. The regulator is also pushing for a Court order directing Mikkelsen to pay $1,191,286.87 in restitution to the victims of the fraudulent FX schemes he operated.

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