Washington, D.C. — The Commodity Futures Trading Commission today announced it has filed a complaint in the U.S. District Court for the Middle District of Florida against Rene Larralde of Melbourne, Florida, Juan Pablo Valcarce of West Melbourne, Florida, Brian Early of New Orleans, Louisiana, Alisha Ann Kingrey of Franklin, Arkansas, and their unincorporated entity, Fundsz. The complaint charges them with fraudulent solicitation from clients to purportedly trade in cryptocurrencies and precious metals.
On August 2, U.S. District Court Judge Wendy Berger signed an ex parte statutory restraining order freezing the defendants’ assets, preserving records, and appointing a temporary receiver. A hearing on the CFTC’s motion for preliminary injunction is scheduled for August 23.
In its continuing litigation, the CFTC seeks restitution to defrauded investors, disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA).
“The CFTC continues to root out individuals who defraud customers in the cryptocurrency and precious metals markets,” said Director of Enforcement Ian McGinley. “Though the products fraudsters purport to trade and their methods of attracting victims—in this case through social media—may have changed, the old adage ‘if something sounds too good to be true, it probably is’ remains as...
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