Storm and Elijah Bryant, both individually and as agents of Capital Storm, Generation Black, and/or Ncome, describe themselves as highly successful forex traders who generate tremendous returns for their clients.
The Commodity Futures Trading Commission has filed a civil enforcement action against Storm Bryant and Elijah Bryant, CapitalStorm, GenerationBlack, and NCome.
The charges are for fraudulent solicitation, misappropriation and registration violations relating to a $1.05 million fraudulent scheme operated by the Bryants through their corporate entities.
The court has recently issued an ex parte order freezing assets controlled by the defendants and preserving records.
From March 2018 onwards, the defendants have allegedly fraudulently solicited, and continue to fraudulently solicit, existing and prospective clients who are not eligible contract participants (ECPs) to engage in retail transactions in off-exchange foreign currency (forex) on a leveraged, margined, or financed basis.
According to the CFTC, the Bryants, through their North Carolina entities, received approximately $1.05 million from approximately 94 clients, all of which the defendants misappropriated. Approximately $50,870 was sent back to clients as purported forex trading “profits” in the nature of a Ponzi scheme.
Capital Storm, Generation Black, and Ncome, weren’t registered with the CFTC as commodity trading advisors (CTA), nor were Storm and Elijah Bryant registered as associated persons of a…