Whileon Chay's 4X Solutions Ponzi Scam Hit with $10m Court Order

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Whileon Chay's 4X Solutions Ponzi Scam Hit with $10m Court Order

Postby kreslik.news » Sun Feb 07, 2016 9:40 pm


The U.S. Commodity Futures Trading Commission (CFTC) just announced that on January 29, 2016 a New York court ordered 4X Solutions, Inc. (4X) and its principal, Whileon Chay, to disgorge $2,745,226 and pay a civil monetary penalty of $8,235,678 in connection with a forex trading Ponzi scheme.

The court found that Chay and 4X fraudulently solicited $4.8 million from at least 19 pool participants by falsely enticing prospective participants with the prospect of earning returns of 24 percent to 36 percent per year and claiming the ability to profit even in adverse market conditions, “when most have lost and lost dearly.” The court ... (read more)

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