CFTC insists on $3.6M fine for Forex fraudster Casper Mikkelsen

The legal action brought by the United States Commodity Futures Trading Commission (CFTC) against GNTFX operator Casper Mikkelsen continues at the New York Southern District Court. Mikkelsen is charged with engaging in an FX fraud scheme and registration violations.

The regulator has pushed for a default judgment against the Forex fraudster and is now seeking to defend the proposed civil monetary penalty (CMP) of $3,573,860.

According to documents filed by the CFTC on February 7, 2022, there is no basis in the record of Mikkelsen’s net worth to support the consideration of Mikkelsen’s ability to pay and, instead, the record has ample aggravating factors warranting a fine reflecting triple the monetary gain to Casper Mikkelsen.

The CFTC explains that the aggravating circumstances of this matter include:

  1. perpetrating a fraudulent scheme for a minimum of at least two years;

  2. fraudulently soliciting 106 victims to perpetrate this scheme;

  3. stealing funds from 106 victims totaling $1,191,286.87;

  4. creating a website with false information and creating false account statements to conceal the fraud;

  5. Mikkelsen changing his name to Casper Muller after the collapse of his scheme;

  6. not responding to client inquiries, making no attempt to return their funds, and showing no remorse or taking accountability for his actions;

  7. violating core provisions of the Commodity Exchange Act; and

  8. failing to respond to the complaint and summons despite having full knowledge of this lawsuit.

The CFTC says that these factors warrant the Court imposing the maximum fine.

Based on the uncontroverted facts, relevant case law, and procedural posture and record of this case, the Court should order a CMP of triple the monetary gain to Defendant in the amount of $3,573,860.61, the CFTC concludes.

The CFTC complaint alleges that from at least 2015 to the present, Mikkelsen engaged in a fraudulent scheme that solicited funds from at least 101 individuals and entities to invest with a supposed company called GNTFX to trade retail leveraged or margined Forex. Mikkelsen misappropriated at least some clients’ funds.

As alleged, most clients deposited their funds into bank accounts in the U.S., while others deposited their funds into an overseas account and/or with an American e-commerce company for the purpose of trading forex. Client funds were withdrawn from the U.S. bank accounts by Mikkelsen through his debit card, as well as transferred from the U.S. bank accounts to an overseas bank, and from there to a Bitcoin address for Mikkelsen’s benefit. Mikkelsen then used the money to pay certain clients purported forex trading profits as is typical in a Ponzi scheme.

The complaint also alleges that Mikkelsen was required to register as a commodity trading advisor but failed to do so.

Posted on

36 Replies to “CFTC insists on $3.6M fine for Forex fraudster Casper Mikkelsen”

  5. Wow, wonderful weblog layout! How lengthy have you been blogging for?

    you made running a blog glance easy. The entire look of your
    site is excellent, as well as the content! You can see similar here dobry sklep

  6. Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me.

  8. I know this if off topic but I’m looking into starting my
    own weblog and was wondering what all is required to get setup?
    I’m assuming having a blog like yours would cost a pretty penny?
    I’m not very internet savvy so I’m not 100% certain. Any recommendations or advice would be greatly appreciated.
    Appreciate it

  9. Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me.

  16. I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.

  20. These are in fact fantastic ideas in about blogging. You have touched some fastidious points here. Any way keep up wrinting.

  21. Thank you for the auspicious writeup. It in fact was a amusement account it. Look advanced to more added agreeable from you! By the way, how could we communicate?

  22. Hello just wanted to give you a quick heads up. The text in your content seem to be running off the screen in Opera. I’m not sure if this is a format issue or something to do with internet browser compatibility but I thought I’d post to let you know. The style and design look great though! Hope you get the issue fixed soon. Kudos

  23. I enjoy what you guys are up too. This sort of clever work and reporting! Keep up the superb works guys I’ve incorporated you guys to our blogroll.

  24. Hey there just wanted to give you a quick heads up. The words in your content seem to be running off the screen in Safari. I’m not sure if this is a format issue or something to do with browser compatibility but I figured I’d post to let you know. The design and style look great though! Hope you get the problem solved soon. Many thanks

  25. Howdy! Someone in my Facebook group shared this site with us so I came to give it a look. I’m definitely loving the information. I’m bookmarking and will be tweeting this to my followers! Exceptional blog and excellent design and style.

  26. Hey just wanted to give you a quick heads up. The text in your post seem to be running off the screen in Opera. I’m not sure if this is a formatting issue or something to do with web browser compatibility but I thought I’d post to let you know. The style and design look great though! Hope you get the issue resolved soon. Many thanks

  27. Searching for reliable answers to a big candy casino?

    We provide detailed, trustworthy information backed by real casino experts.
    Our goal is to help you enjoy secure gambling
    with top-tier platforms that value integrity. Expect transparent gameplay, verified promotions, and 24/7 support when you follow our recommendations.
    Join thousands of players choosing fair, exciting, and bonus-rich environments for their online casino journey.

  28. Want to better understand don laughlin’s riverside resort hotel and casino?
    You’ve come to the right place. We offer honest advice, updated facts, and casino options that prioritize
    safety, fairness, and massive rewards. Each platform we recommend is licensed, secure, and offers bonuses that actually benefit the players.
    From welcome packages to ongoing promos, we help you get more value while enjoying fair play and exciting online gaming adventures.

  29. Searching for reliable answers to where to watch casino royale?

    We provide detailed, trustworthy information backed by real
    casino experts. Our goal is to help you enjoy secure gambling with top-tier
    platforms that value integrity. Expect transparent gameplay, verified promotions, and 24/7 support when you
    follow our recommendations. Join thousands of players choosing
    fair, exciting, and bonus-rich environments for their online casino journey.

  30. Want to better understand how to play blackjack at a casino?

    You’ve come to the right place. We offer honest advice,
    updated facts, and casino options that prioritize safety, fairness, and massive rewards.
    Each platform we recommend is licensed, secure, and offers bonuses that
    actually benefit the players. From welcome packages to ongoing promos, we help
    you get more value while enjoying fair play and exciting online gaming adventures.

  31. Curious about how many casinos are in las vegas?
    Discover everything you need to know with our expert-approved guides.

    We focus on fair gameplay, responsible gambling, and secure platforms you can trust.

    Our recommendations include casinos with top-rated bonuses, excellent
    support, and real player reviews to help you get the most out of every experience.
    Whether you’re new or experienced, we make sure you play smarter
    with real chances to win and safe environments.

  32. Want to better understand how to play casino slot machines?
    You’ve come to the right place. We offer honest advice, updated facts, and casino options that prioritize
    safety, fairness, and massive rewards. Each platform we recommend is licensed, secure, and offers bonuses that
    actually benefit the players. From welcome packages to ongoing promos, we help you get more
    value while enjoying fair play and exciting online gaming
    adventures.

  35. Thank you for the good writeup. It in fact was a amusement account it. Look advanced to far added agreeable from you! By the way, how could we communicate?

  36. Thank you for the good writeup. It in fact was a amusement account it. Look advanced to more added agreeable from you! However, how could we communicate?

Leave a Reply

Your email address will not be published. Required fields are marked *