Company: United Business Servicing, LLC
Date: November 28, 2017
The Commodity Futures Trading Commission (CFTC) obtained a Consent Order against Defendants Joseph Dufresne (a/k/a/ Joseph James) and Megan Renkow (a/k/a Megan James), both of Palos Verdes Estates, California, and their companies, United Business Servicing, LLC and United Business Servicing, Inc. (collectively, United Business), doing business as SchoolofTrade.com (SoT), who were charged with fraud and other violations in connection with the offer and sale of futures trading strategies and systems.
The order fines the parties to pay restitution to defrauded investors totaling $3,941,157 and a $1 million civil monetary penalty. Also, they are prohibited from, among other things, trading in any market regulated by the CFTC and from applying for registration or claiming exemption from registration with the CFTC in any capacity.
According to the CFTC, the defendants engaged in a systematic pattern of materially false statements and omissions in connection with the marketing of SoT’s trading strategies and systems.
Specifically, the Court finds that Defendants: 1) touted the profitability of SoT’s trading strategies and systems and claimed hundreds of thousands of trading profits earned every year when, in fact, none of Defendants’ accounts has ever been profitable; 2) falsely represented to customers and prospective customers that Dufresne was a successful professional trader with years of experience and numerous awards when, in fact, Dufresne has little experience, has never been professionally recognized, and has never been a profitable trader; and 3) purported to make profitable trades in live accounts in real time in SoT’s “Live Trade Room” when, in fact, none of the trades called or profits claimed to have been made in the “Live Trade Room” can be found in any of Defendants’ accounts.
- United Business Servicing
- Joseph Dufresne
- Joseph James
- Megan Renkow
- Megan James