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ALEXIS FINANCIAL GROUP, INC
CASE OUTCOME: Registration revoked and requires Singer and Luger to pay, jointly and severally, $6.8 million in restitution.
NFA ID:
0244775
Individuals Involved:
- DAVID ALAN LUGER
- MARK LEE SINGER
Specifically, the CFTC complaint alleges that the respondents committed fraud by making false, deceptive, and misleading statements in radio infomercials and in telephone solicitations of customers to purchase commodity options, including fraudulent misrepresentations and omissions of material facts by: 1) virtually guaranteeing commodity price increases; 2) overstating the extent to which option customers would profit from these price increases; 3) exaggerating the likelihood of profit in trading commodity options; 4) minimizing the risk of loss involved in trading commodity options; and 5) overstating Lexus' performance record. The complaint further alleges that the respondents violated CFTC regulations by failing to supervise diligently the sales force employed by Lexus. Since its inception in late 1992, Lexus has traded over 800 customer accounts -- over 88 percent of which have lost money, while Lexus has received $5.3 million in commissions, according to the complaint. Commissions received by Lexus represent more than 75 percent of total customer losses, the complaint further alleges. Decision:
CFTC Order Finds that Lexus, Singer, and Luger Committed Fraud in Soliciting Customers to Trade Options on Commodity Futures Contracts, Revokes Their Registrations, and Prohibits Them from Trading; Requires Singer and Luger to Pay $6.8 Million in Restitution To Defrauded Customers
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