In the Matter of David Kaup, et al., CFTC Docket No. 13-03. On October 23, 2012, the CFTC announced it issued an order settling fraud charges against David Kaup and his companies. Kaup and his companies solicited investments from individuals by claiming a profitable trading history of 5% to 30% in profits and by providing false documents showing a successful forex trading history. They also misappropriated customer funds to make payments to other customers and to pay for personal expenses. Without admitting or denying the allegations, Kaup and his companies have settled with the CFTC by agreeing to an order requiring them to pay a $500,000 civil monetary penalty and restitution of $1,396,316. The order also permanently prohibits Kaup and his companies from engaging in certain commodity-related activities, including trading, and from registering or seeking exemption from registration with the CFTC. The order permanently prohibits them from committing further violations of anti-fraud provisions of the Commodity Exchange Act.
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