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CFTC and Arizona Corporation Commission file civil anti-fraud complaint against AYM Financial |
 | | In their consents, AYM, Paley, and Juechter agreed to the entry of a permanent injunction prohibiting them from engaging in any business relating to the offer and sale of commodities, as defined in the Commodity Exchange Act (CEA), and requiring an asset freeze, an accounting, and repatriation of assets. |
 | | AYM required customers to deposit a minimum of $10,000 to open accounts and, according to the complaint, claimed that its returns were higher than any other markets, stating "returns of 10 percent per month are not unlikely. |
 | | The three individual defendants, prior to formation of AYM, were affiliated with Korbean International Investment Corp, against which the CFTC obtained an order of permanent injunction on February 9, 1995 for fraud in connection with the unlawful offer of illegal, off exchange foreign currency futures contracts (see CFTC News Release 3817-95, February 9, 1995). |
| www.cftc.gov /opa/enf96/opaaym.htm (676 words) |
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