An El Mirage man, Antwon B. Day, and his affiliated companies have been ordered by the Arizona Corporation Commission to pay $100,004 in restitution and a $20,000 administrative penalty for defrauding an investor with an unregistered foreign exchange trading investment program.
The Corporation Commission found Day, as the president of FXPIPSESSION, LLC (FX), misrepresented himself as a licensed foreign currency trader. However, Day and FX are not registered to offer or sell securities in Arizona. Additionally, the Commission found the respondents failed to inform the investor of Day’s five prior civil judgments against him.
The Commission found Day and his company guaranteed the investor a triple-digit return within four months. However, the investor did not receive any money back as Day used most of the investor funds for his personal use and for non-investor related expenses.
The Commission found that when Day failed to pay his investor within four months, Day and his company had the investor sign an amended agreement, extending the payout deadline. However, Day failed to disclose that FX had been dissolved about two months prior to executing the amended agreement. Furthermore, the investor has never received any money back from Day or FX.