Daily fraud update: 19th May

CFTC launches new action against alleged fraudster

A man who allegedly operated foreign exchange scams under a wide range of different names has been targeted by a US regulator.

Casper Mikkelsen, who allegedly engaged in a fraudulent scheme known as GNTFX, is now the subject of a complaint by the United States Commodity Futures Trading Commission (CFTC).

Mikkelsen is known by a large number of aliases – these include ‘Casper Muller’, ‘Carsten Nielsen’, ‘Thomas Jensen’ and ‘Brian Thomson’.

According to the filing in the New York Southern District Court, Mikkelsen allegedly spent a period from at least 2015 and potentially right up the current moment working on GNTFX, which operated leverage-based foreign exchange trading opportunities.

He is accused of having scammed at least 101 people after having allegedly solicited and misappropriated their cash.

According to the crypto press, Mikkelsen allegedly failed to register with the CFTC and told traders that he would invest their cash for them.

However, he allegedly then misappropriated a portion of these funds.

He also allegedly provided them with account statements that were not fully factual or accurate.

According to press reports, it is also alleged that Mikkelsen engaged in a campaign of fake material production, including so-called evidence of foreign exchange trades and consequence profits.

However, these allegedly turned out to not be accurate.

There is also some suggestion that GNTFX may have had elements of a Ponzi scheme associated with it.

Allegedly, some client funds were later used to pay back other investors.

Overall, it is alleged that he misappropriated $737,000 worth of cash from traders to spend on himself – though overall, clients have supposedly lost more than $1m.

The CFTC’s complaint means that Mikkelsen is now charged with a wide range of legal violations involving breaking parts of the Commodity Exchange Act.

The CFTC said that it would look to secure civil monetary penalties as well as remedial ancillary relief.

It is seeking to apply a list of punishments to him, including bans for further trading and registration.

It is also looking for rescission, restitution and disgorgement – plus a range of interest charges.

A website called www.caspermikkelsen.com, which appears to be operated by those who allegedly fell victim to Mikkelsen, contains a number of heated statements and allegations about Mikkelsen.

“Casper has certainly been a naughty little boy over the past 10 years, but let’s take a close look at what he’s done just over the past two years,” it reads.

“Don’t worry Casper, there will be more to come. Your days of stealing people’s money and living the good life are over.”

“Mikkelsen will lie through his teeth to everyone he knows, particularly his family, to save face and explain his way out of this,” it alleges.

“But the reality is, he is a liar and a thief who stole from hundreds of people and caused immeasurable suffering,” it added.

Chris Lee

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