U.S. Securities and Exchange Commission
Litigation Release No. 16401 / January 6, 2000
, Civil Action No. SACV-00-12 AHS (ANx) (C.D.Cal.).
The Securities and Exchange Commission announced today that it filed
an enforcement action in federal district court in Santa Ana,
California against the broker-dealer Currency Trading International,
Inc. (CTI), its owners, Brian R. Moore (Moore) and Craig A. Cunningham
(Cunningham), and its managers, Craig Wiginton (Wiginton), James R.
Kelsall (Kelsall), Christian J. Weber (Weber) and Robert Shane Jones
(Jones). The Commission alleges that the defendants engaged in the
fraudulent offer and sale of foreign currency options in a high
pressure telephone campaign. Between 1994 and the fall of 1998, the
defendants generated over $16 million in commissions from more than
900 investors in California, Ohio, Georgia and Colorado.
The complaint alleges that the defendants initially told investors
that they could double or triple their money within days,
misrepresenting the speculative nature of foreign currency options,
and then pressured investors to send more money to recover losses. The
complaint further alleges that the defendants did not return funds to
investors, allow investors to control activity in their accounts, or
permit investors to sell options positions without purchasing new
positions.
Moore, 38, resides in Bath, Ohio; Kelsall, 28, resides in Barberton,
Ohio; and Jones, 35, resides in Fairlawn, Ohio. Cunningham, 42,
resides in Irvine, California; Wiginton, 48, resides in Anaheim,
California; and Weber, 27, resides in Huntington Beach, California.
The Commission seeks an injunction, civil penalties and disgorgement
with prejudgment interest against each of the defendants for violating
the antifraud provisions, Section 17(a) of the Securities Act of 1933
and Section 10(b) of the Securities Exchange Act of 1934 and Rule
10b-5 thereunder.
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Modified 01/10/2000
SNIPPETS:
U.S. Securities and Exchange Commission
The Commission alleges that the defendants engaged in the fraudulent offer and sale of
Between 1994 and the fall of 1998, the defendants generated over $16 million in commissions
The complaint alleges that the defendants initially told investors that they could double or
Moore, 38, resides in Bath, Ohio; Kelsall, 28, resides in Barberton, Ohio; and Jones, 35,
Cunningham, 42, resides in Irvine, California; Wiginton, 48, resides in Anaheim, California;
The Commission seeks an injunction, civil penalties and disgorgement with prejudgment
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