Release: #4991-04
For Release: September 17, 2004

OFFICE MANAGER OF LOS ANGELES FOREIGN CURRENCY FIRM AGREES TO COOPERATE WITH GOVERNMENT AND SETTLES CHARGES OF SELLING ILLEGAL OFF-EXCHANGE FOREIGN CURRENCY FUTURES CONTRACTS

WASHINGTON, D.C.-- The U.S. Commodity Futures Trading Commission (CFTC) announced today that a Los Angeles federal district court entered a consent order of permanent injunction against defendant Lisa M. Fox, who is also known as Lytresse M. Fox. The court’s order, entered on September 2, 2004, results from a complaint filed by the CFTC in the U.S. District Court for the Central District of California on August 14, 2001 (see CFTC News Release 4551-01).

Ms. Fox was the office manager and senior broker of defendant Fintrex, Inc., a Los Angeles foreign currency firm. The consent order requires Ms. Fox to cooperate with the CFTC in any further proceedings in the action, including assisting in identifying and communicating with customers of Fintrex for purposes of administering restitution of customer losses. The order permanently restrains Ms. Fox from participating in the illegal sale of off-exchange futures contracts.

An order of default judgment was previously entered against Fintrex and its president, Arman Ousepyan, on January 29, 2004, permanently enjoining them from engaging in commodity fraud, requiring them to pay restitution to Fintrex’s customers and imposing civil monetary penalties (see CFTC News Release 4895-04).

This litigation is part of an ongoing CFTC nationwide crackdown on foreign currency (forex) scams.

The CFTC Division of Enforcement staff responsible for this action were: John Wise, David Acevedo, Lenel Hickson, Jr., and Stephen J. Obie.

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Staff Contact
Stephen J. Obie
Regional Counsel & Associate Director
(646) 746-9766

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