Federal Court Orders New York Firm 4X Solutions, Inc. and Its Principal, Whileon Chay, to Pay More than $10 Million in Disgorgement and a Civil Monetary Penalty for Forex Fraud Ponzi Scheme

The U.S. Commodity Futures Trading Commission (CFTC) announced that the Honorable Richard M. Berman, U.S. District Judge for the U.S. District Court for the Southern District of New York, ordered Defendants 4X Solutions, Inc. and its principal, Whileon Chay, both of New York City, jointly and severally to disgorge $2,745,226 and pay a civil monetary penalty of $8,235,678 in connection with a foreign currency trading Ponzi scheme.