The Commodity Futures Buying and selling Fee (CFTC) has been engaged in negotiations for partial decision of its motion in opposition to Timothy Stubbs, concerned in fraudulent FX scheme ROFX.web. This turns into clear from paperwork filed by the CFTC with the Florida Southern District Court docket on November 30, 2023.
Let’s recall that Stubbs is the only real remaining defendant on this case, as on October 3, 2022, the Clerk entered defaults in opposition to 9 of the ten defendants pursuant to Fed. R. Civ. P. 55(a)— Notus, Straightforward Com, GEA, Grovee, Shopostar, Davis, Konovalenko, Shymko, and Skala—for failure to look, reply, or in any other case plead to the Criticism.
In accordance with the most recent Court docket filings, the CFTC and Defendant Stubbs have been participating in substantive and good-faith negotiations on phrases for a partial decision of the CFTC’s civil enforcement motion in opposition to Stubbs via a negotiated consent order.
The Events are working collectively to expeditiously finalize the proposed consent order phrases. CFTC counsel will search and procure approval of ultimate negotiated phrases from the Fee. As soon as the Fee authorizes its undersigned counsel, the Events will submit the Consent Order to the Court docket for approval, which they anticipate will probably be achieved by the top of this yr.
Timothy Stubbs is a U.S. citizen who, upon info and perception, is a Licensed Public Accountant residing in Brandon, Mississippi and/or the Atlanta, Georgia space. Upon info and perception, Stubbs resides or resided at one or each of the Brandon, Mississippi addresses offered on varied Notus and Shopostar company filings with each the Oregon Secretary of State and Colorado Secretary of State.
Stubbs represents himself because the supervisor of Grovee and is the signatory on a Grovee account at Financial institution of America into which he accepted $153,000 in buyer funds through the Related Interval. Stubbs personally accepted funds from this account and different Company Defendants’ financial institution accounts accepting ROFX buyer funds.
Stubbs recognized himself as having a “Energy of Lawyer” over Notus within the paperwork he filed in April 2015 when he dissolved the Oregon model of Notus. He has by no means been registered with the CFTC in any capability.
ROFX is a fictitious, web-based entity that operated through the web site www.ROFX.web, which was hosted within the U.S. Upon info and perception, ROFX is neither registered to conduct enterprise within the U.S. neither is it a legally organized collective entity. Though the web site contained representations that ROFX purportedly operated from workplaces in Miami, London, and Hong Kong, ROFX had no workplaces, no workers, and upon info and perception, was created solely to additional Defendants’ fraudulent frequent enterprise.
ROFX has by no means been registered with the CFTC in any capability.
