CFTC Seeks A $3.57 Million Fine on GNTFX Owner

The United States Commodity Futures Trading Commission (CFTC) has filed a motion with the New York Southern District Court, seeking a final judgement by default against Casper Mikkelsen, the owner of fraudulent investment company GNTFX. In addition to ordering permanent injunctive relief, the regulator seeks that the court imposing a civil money penalty of $3,573,860.61 and restitution in the amount of $1,191,286.87 on Casper Mikkelsen.   

The CFTC's civil enforcement action against the fraudulent FX schemes operator was launched in May 2020. However, the defendant has not answered, pleaded, defended against the watchdog's complaint, or made an appearance in this case, and the CFTC has received no communication of any kind from the defendant up until the present time.

The proceedings were delayed because Mikkelsen is a Danish citizen and that it took a long time to complete the service of the complaint.

The CFTC alleges in its complaint that the defendant engaged in a fraudulent scheme to solicit and misappropriate money from at least 101 individuals and entities by deceiving the victims into investing their funds with an alleged company called GNTFX. According to the watchdog, Mikkelsen misappropriated at least $737,000 of client funds for his personal use, and that the purported investors lost at least $1.19 million in total.

Based on his conducts, the CFTC alleges that Mikkelsen has violated three counts of the commodities laws.