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CFTC v GLOBAL FINANCIAL CONSULTING INC Click to find out why . . .



Keywords & Phrases
CaseNo: CVGFCI187422, CourtName: MISC 3, Plaintiff: CFTC, State: GA Georgia, UniqueCaseRef: LCD>CVGFCI187422, Customers, Contracts, Gfc, Futures, Kim, Foreign Currency, Funds, Commodity, Trading, Profits, Account, Lee, Investment, Act, Guaranteeing, Illegal Off-exchange, Commission, Global Financial Consulting, Transactions, Personally Solicits, Asset, Making False, Finances, Contract Market, Fraudulent, Significant Profits, Trading Losses, Deposit, Future Delivery, Fxcm, Order Directing Defendants, United States, Georgia, Financial Consulting, Financial Consultant, Indirect, Transferring, Control , ContentID: 120253747

Case Documents
1   ORDER
[ see first page and extracted highlights below  ] ItemID: 130134
11 pages
PDF
2 2001-06 COMPLAINT
[ see first page and extracted highlights below  ] ItemID: 130133
18 pages
PDF
Total Documents: 2 documents , 29 pages
Price: $ 24.95


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1 . ORDER

EXTRACTED KEY WORDS
ASSET
COURT
FINANCES
COMMISSION
BUSINESS
ACCOUNT
DEPOSIT
UNITED STATES
GEORGIA
GLOBAL FINANCIAL CONSULTING
FINANCIAL CONSULTING
ACT
INDIRECT
TRANSFERRING
CONTROL
RELIEF
RESTRAINING
PARTNERSHIP
SAFE DEPOSIT
REPRESENTATIVES
FUNDS
BOOKS
EXPEDITED DISCOVERY
PURPOSES
FEDERAL RULE
CIVIL
PERSONAL SERVICE
ENJOINING
DISPOSING
                   UNITED STATES DISTRICT COURT
                   NORTHERN DISTRICT OF GEORGIA
                           ATLANTA DIVISION

COMMODITY FUTURES TRADING         )  Civil Action No. 1:02­CV 2394
COMMISSION,                       )
                                  )  (Proposed)
                                  )  Ex Parte Statutory
            Plaintiff,            )  Restraining Order And Order
                                  )  Granting Leave to Take
 v.                               )  Expedited Discovery
                                  )
Global Financial Consulting,      )  Filed under seal
Inc., Wook Hyun Kim, and Chang  )
H. Lee,                           )
                                  )

            Defendants.           )
________________________________ )


     Plaintiff, the Commodity Futures Trading Commission

("Commission"), has filed a Complaint for permanent injunction

and other relief, and moved pursuant to Section 6c of the

Commodity Exchange Act, as amended (the "Act"), 7 U.S.C. § 13a-1

(1994), for a statutory restraining Order freezing the assets of

the Defendants, prohibiting Defendants from destroying any

business records, books or documents and granting leave to take

expedited discovery.  The Court has considered the pleadings,

declarations, exhibits, and memorandum filed in support of the

Commission's motion.  As it appears to the Court that the Court

has jurisdiction over the subject matter of this case, that

Section 6c of the Act, 7 U.S.C. § 13a-1, authorizes ex parte

relief, that there is good cause to believe that Defendants have

engaged in, are engaging in or are about to engage in violations

SNIPPETS:
  • UNITED STATES DISTRICT COURT
  • NORTHERN DISTRICT OF GEORGIA
  • Global Financial Consulting,) Filed under seal Inc., Wook Hyun Kim, and Chang)
  • the Commodity Futures Trading Commission
  • Commodity Exchange Act, as amended, 7 U.S.C. § 13a-1
  • the Defendants,
  • relief, that there is good cause to believe that Defendants have
  • parte statutory restraining Order to preserve the status quo,
  • in scope to the usage of the term in Federal Rule of Civil
  • Asset Freeze
  • entities who receive notice of this Order by personal service or
  • transferring, selling, alienating, liquidating,
  • opening or causing to be opened any safe deposit boxes
  • Maintenance of and Access to Business Records
  • or disposing of, in any manner, directly or indirectly, any
  • personal finances of Defendants, their agents, attorneys,
  • and corporate and partnership entities in which Defendants have
  • Inspection and Copying of Books and Records
  • IT IS FURTHER ORDERED that representatives of the
  • held, controlled, or maintained custody of any account or asset
  • funds and assets both within and outside of the United
  • under their direct or indirect control,
  • control, or relate to a corporate or partnership
  • Expedited Discovery
  • deposition limit set forth in Federal Rule of Civil Procedure
  • Preliminary Injunction enjoining Defendants from further
  • this Court retains jurisdiction of this matter for all purposes.

  • 2 . COMPLAINT

    EXTRACTED KEY WORDS
    DEFENDANTS
    CONTRACTS
    GFC
    FUTURES
    KIM
    FOREIGN CURRENCY
    COMMODITY
    TRADING
    PROFITS
    FUNDS
    LEE
    ACCOUNT
    INVESTMENT
    GUARANTEEING
    ACT
    ILLEGAL OFF-EXCHANGE
    GLOBAL FINANCIAL CONSULTING
    TRANSACTIONS
    PERSONALLY SOLICITS
    COMMISSION
    MAKING FALSE
    CONTRACT MARKET
    FRAUDULENT
    SIGNIFICANT PROFITS
    TRADING LOSSES
    FUTURE DELIVERY
    FXCM
    ORDER DIRECTING DEFENDANTS
    FINANCIAL CONSULTANT
    
                        UNITED STATES DISTRICT COURT
                        NORTHERN DISTRICT OF GEORGIA
                                ATLANTA DIVISION
    
    
    COMMODITY FUTURES TRADING          )  Civil Case No. 1:02 ­ CV 2394
    COMMISSION,                        )
                                       )
                                       )  COMPLAINT FOR INJUNCTIVE AND
                 Plaintiff,            )  OTHER EQUITABLE RELIEF AND
                                       )  FOR CIVIL PENALTIES UNDER THE
     vs.                               )  COMMODITY EXCHANGE ACT, AS
                                       )  AMENDED, 7 U.S.C. §§ 1-25
    Global Financial Consulting,     )
    Inc., Wook Hyun Kim, and           )  FILED UNDER SEAL
    Chang H. Lee,                      )
                                       )
    
                 Defendants.           )
                                       )
    ________________________________ )
    
    
                                  I. SUMMARY
    
         1.     Since at least June 2001, Global Financial Consulting,
    
    Inc. ("GFC"), Wook Hyun Kim ("Kim"), and Chang H. Lee ("Lee")
    
    (collectively referred to as the "Defendants") have fraudulently
    
    offered and sold illegal off-exchange foreign currency futures
    
    contracts to the retail public in Georgia.  By guaranteeing
    
    profits and making false claims of significant profits and other
    
    claims, Defendants have solicited and obtained approximately
    
    $118,000 from six customers.  Defendants claim to have a total
    
    of approximately thirty to forty customers.  Out of the $118,000
    
    of customer funds, Defendants invested $106,000 in Kim's
    
    personal commodity trading account, and of that amount,
    
    Defendants sustained trading losses of at least $105,100.
    
    
    SNIPPETS:
  • Global Financial Consulting,)
  • offered and sold illegal off-exchange foreign currency futures
  • contracts to the retail public in Georgia.
  • profits and making false claims of significant profits and other
  • Defendants have solicited and obtained approximately
  • of approximately thirty to forty customers.
  • of customer funds, Defendants invested $106,000 in Kim's
  • Defendants sustained trading losses of at least $105,100.
  • Kim is both the owner of GFC and personally solicits
  • Lee is the "financial consultant"
  • for GFC and claims to have investment experience.
  • Because these transactions are not conducted on or
  • registered by the Commodity Futures Trading Commission
  • consummated by or through a contract market,
  • violated Section 4of the Commodity Exchange Act,
  • foreign currency futures contracts.
  • guaranteeing profits.
  • through FXCM ­ a firm which GFC falsely claims is its "parent
  • months before opening a trading account.
  • The contracts represent contracts for future delivery
  • Each fraudulent misrepresentation and omission,
  • an order directing Defendants GFC, Kim, and Lee to
  •    |