22 December, AtoZForex.com, Lagos — According to a report released by the CFTC in April 2013, with the headline “CFTC Charges New York Firm 4X Solutions, Inc. and its Principal, Whileon Chay, with Forex Fraud Ponzi Scheme”, 4X Solutions, Inc. (4X) and its principal, Whileon Chay, have been charged with fraud and misappropriation in a $4.8 million foreign currency (Forex) trading Ponzi scheme.
As 4X Solutions Whileon Chay charged with Fraud, the CFTC alleges that Mr. Chay and his 4X solutions fraudulently solicited approximately $4.8 million from at least 19 pool participants by falsely enticing prospective participants with the idea prospect of earning returns of about 24% to 36% per year and claimed he was well skilled and had the ability to profit even in adverse market conditions, “when most have lost and lost dearly.” At the same time, Defendants minimized the risks of Forex trading, claiming, for example, that Defendants had not suffered a single losing month in 14 years and that 4X provides “a safe haven in our current financial environment,” according to the Complaint.
Following this claims, a federal jury in the US has indicted Whileon Chay and his 4X Solutions. As reported by Reuters, a filing was submitted today outlining details of the alleged crime. He incurred losses of about $2 million and used a large proportion of investors’ funds was used to pay for Chay’s luxurious lifestyle which includes paying for luxury resorts, expensive restaurants, limousine service, and exotic car rentals as well as having his wife cryogenically frozen after her death.
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