The United States Commodity Futures Trading Commission (CFTC) has won its lawsuit against Casper Mikkelsen, the operator of fraudulent Forex scheme GNTFX. On February 22, 2022, Judge John P. Cronan of the New York Southern District Court entered a final judgment against the defendant.

The judgment, seen by FX News Group, is in line with the CFTC request in terms of penalties.

Casper Mikkelsen is permanently restrained, enjoined, and prohibited from directly or indirectly making any contract for sale of any commodity for future delivery to cheat or defraud or attempt to cheat or defraud the other person. Casper Mikkelsen is also permanently restrained, enjoined, and prohibited from directly or indirectly entering into any transactions involving “commodity interests” for his own personal account or for any account in which he has a direct or indirect interest.

Mikkelsen will also have to pay restitution in the amount of $1,191,286.87, to the affected clients. In addition, Casper Mikkelsen must pay a civil monetary penalty in the amount of $3,573,860.61.

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 Client funds were withdrawn from the U.S. bank accounts by Mikkelsen through his debit card, as well as transferred from the U.S. bank accounts to an overseas bank, and from there to a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.

The case was closed on February 22, 2022.