The United States Commodity Futures Trading Commission (CFTC) has managed to secure a clerk’s entry of default against Tradewale LLC and Tradewale Management Fund, an allegedly fraudulent FX scheme.
The defendants were duly served with the summons and complaint in the action brought by the CFTC but has failed to plead within the time prescribed by the law.
Earlier in September, the derivatives markets regulator levied an action against Tradewale LLC, its UK associated managed fund and its principal, Valdas Dapkus, over fraudulent offerings related to a forex scheme.
The defendants told victims that they would use pool funds to trade currencies, according to the complaint, filed in the US District Court of New Jersey.
Through its website, tradewale.com, as well as various social media platforms, Tradewale raked in more than $700,000 by misrepresenting their software’s effectiveness.
The claims to bolster the credibility of their “unique trading…