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The Commodity Futures Trading Commission charged Flint-McClung Capital LLC of Englewood and Shawon McClung of Denver with fraud and misappropriation in an off-exchange foreign currency Ponzi scheme in which defendants allegedly fraudulently solicited and accepted at least $1.9 million from at least 10 commodity pool participants since March 2010.
According to the commission’s complaint, the defendants approached pool participants through oral, written and online solicitations. In their solicitations, FMC and McClung created the false impression that FMC was a sophisticated and experienced foreign exchange firm.
They also claimed FMC had a cash reserve of almost $100 million, according to the complaint.
