The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Foreign Exchange

SEC and the CFTC throw book at Global Asset Partners, Joseph C Lavin

The seedier side of the business is shown again this week in the US.

Another one bites the dust

Both the Securities Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) have thrown the book at what the SEC says is a “a purported Seattle-based investment fund manager.” The SEC has charged Global Asset Partners and its principal Joseph C Lavin (aka Joseph Ivcevic) for defrauding investors of at least $5 million in a ponzi scheme. The commission adds that Lavin promised investors returns of 18% to 36% on their investments, but actually used the money to “pay for personal expenses for himself and his friends, including lavish trips, automobiles, a Seattle Mariners luxury skybox, and real estate in Costa Rica.

It adds: “Lavin converted the investors’ money to his own use. In addition, as in a classic ponzi scheme, Lavin used money raised from new investors to pay purported returns to previous investors.” He also allegedly falsified returns.

According to the CFTC, Lavin defrauded investors through a retail FX options scheme. The regulator filed a civil enforcement action on August 1 in the US District Court for the Western District of Washington. The CFTC alleges Lavin solicited retail customers in the US, Canada, France and Panama to buy FX options in a scheme to defraud them of more than $16 million.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree