Release: 4737 -03
For Release: January 14 , 2003
NEW YORK FOREIGN CURRENCY FIRM CHARGED WITH FRAUDULENTLY SOLICITING RETAIL CUSTOMERS OVER THE INTERNET TO INVEST IN ILLEGAL, OFF-EXCHANGE FOREIGN CURRENCY (FOREX) FUTURES CONTRACTS
CFTC Charges Rouslan Tambiev and Tamb International, Inc., Both Located in Queens, New York, With Fraud
WASHINGTON, D.C. -- The Commodity Futures Trading Commission (CFTC) announced today the filing of an action in federal district court in New York, charging defendants Rouslan Tambiev (Tambiev) and Tamb International, Inc., both located in Queens, New York, with fraudulently soliciting retail customers to invest in illegal, off-exchange foreign currency futures contracts. Tambiev is the sole officer and director of Tamb International.
The CFTC complaint, filed on January 7, 2003, alleges that, from at least December 21, 2000, through October 2002, the defendants fraudulently solicited retail customers through the operation of at least two websites to invest in illegal, off-exchange foreign currency (FOREX) futures contracts.
Specifically, the complaint alleges that the defendants at various times falsely represented that they had placed customer funds in segregated accounts that were FDIC-insured, that their business had merged with a U.S. bank, that the business was operating as a bank in Switzerland or the Republic of Montenegro, and that the business had an alliance with a Canadian bank. Contrary to those representations, the complaint alleges that the defendants have operated their FOREX futures business principally, if not solely, from residences and/or offices in New York City, using trading software that operated through U.S.-registered websites and a bank account in the name of Tamb International at a New York-based bank.
The CFTC is seeking a permanent injunction against each of the defendants, restitution to defrauded customers, disgorgement of all ill-gotten profits and benefits defendants received as a result of their acts and practices described in the complaint, and civil monetary penalties of up to $120,000, or triple the monetary gain to each defendant, whichever is greater, for each violation of the Commodity Exchange Act.
The following CFTC Division of Enforcement staff members are responsible for this case: Gretchen Lowe, Susan Bovee, Judith Hutchison, Joseph Konizeski, and Charles Ricci.
A copy of the CFTC complaint and restraining order may be obtained at www.cftc.gov.
Media Case Enforcement Contact:
Richard Wagner
Deputy Director
CFTC Division of Enforcement
(202) 418-5390
* * * * * *
The CFTC Has Issued A Consumer Advisory Warning the Public of the Risks of Foreign Currency Trading and Foreign Currency (FOREX) Scams
The CFTC has issued a Consumer Advisory (at www.cftc.gov/cftc/cftccustomer.htm) urging the public to scrutinize claims of high-return, low-risk investment opportunities in foreign currency trading. This Consumer Advisory provides "red flags" to look for, and cautionary steps to be taken before making an investment. The CFTC has also issued Advisories concerning the Commodity Futures Modernization Act of 2000, and how FOREX firms may lawfully offer foreign currency futures and options trading opportunities to the retail public (see CFTC Press Release 4625-02, March 21, 2002, CFTC Advisory, March 21, 2002, and CFTC Advisory 06-01, February 5, 2001).
# # #