Silver Star Reside and homeowners Hassan Mahmoud and Candace Ross-Mahmoud have agreed to settle Commodity Alternate Act violations.
Silver Star Reside appeared on BehindMLM’s radar earlier this 12 months. Following evaluation of the businesses enterprise mannequin, we concluded Silverstar Reside was engaged in securities fraud.
When Ted Nuyten at BusinessForHome raised the identical considerations a number of days after our evaluation, serial scammer Michael Faust threatened authorized motion.
When the CFTC started investigating Silver Star Reside is unclear. The regulator nonetheless tracked violations of the Commodity Alternate Act starting July 2018, seven months previous to our evaluation.
As per the CFTC’s investigation, Silver Star Reside and the Mahmouds
acted as commodity buying and selling advisors (“CTAs”) with out being registered with the Fee as such, by exercising discretionary buying and selling authority over the foreign currency trading accounts of U.S. prospects who weren’t eligible contract individuals (“ECPs”).
Fairly then defend the CFTC’s findings, Silver Star Reside and the Mahmouds settled for $75,000 plus post-judgement curiosity.
Hassan Mahmoud and Candace Ross-Mahmoud are additionally ordered to stop and desist from committing additional Commodities Buying and selling violations.
It’s considerably curious that David Wayne Myer, aka “QuickSilver”, is just not a respondent.
As above, Silverstar Reside advertising credited Myer as a 3rd co-owner of the corporate.
Following the collapse of Silverstar Reside on or round March 2019, Hassan Mahmoud and Candace Ross-Mahmoud rebooted the scheme as Eaconomy.
On the time of publication Eaconomy’s web site remains to be lively.
Eaconomy is a clone of Silverstar Reside and seeing as neither the corporate or the Mahmouds are registered with the CFTC, its continued operation locations Candace and Hassan in violation of the November 4th CFTC settlement.
Whether or not the CFTC takes any additional motion stays to be seen.