Senen Pousa and Investment Intelligence Corporation Ordered to Pay Over $192 Million in Restitution

Senen Pousa and the Investment Intelligence Corporation (IIC) were ordered by a Texas federal court to pay defrauded customers restitution and civil monetary penalties in the amount of more than $192 million, following a default judgment obtained by the Commodity Futures Trading Commission (CFTC).

The case against Pousa and IIC arose in connection with an off-exchange foreign currency forex fraud scheme where Pousa and IIC defrauded more than 960 clients in the U.S. and abroad of over $32 million, according to the CFTC.

The CFTC filed a Complaint on September 18, 2012 against Senen Pousa and IIC for fraud, misappropriation and violations of the Commodity Exchange Act (CEA).

Judge Lee Yeaker of a U.S. District Court in Texas entered the final default judgment and permanent injunction Order on November 27, 2013. Pousa and IIC were each ordered to pay $79.5 million civil monetary penalty to the defrauded customers. Senen Pousa was also ordered to pay prejudgment interest totaling $33,299,821.

The Order further imposed permanent trading and registration bans on Pousa prohibiting him from further violating the CEA and a CFTC regulation, as charged.

From January 1, 2012, IIC, through Senen Pousa and its agents, used wealth creation webcasts, webinars, podcasts, emails, and other online seminars via the Internet to directly and indirectly fraudulently solicit actual and prospective clients worldwide to open forex trading accounts at IIC, according to the Order where Pousa and IIC were also found liable for all violations alleged in the CFTC complaint.

Litigation continues against Defendants Michael Dillard, Joel Friant, and Elevation Group, Inc.

The Peiffer Wolf securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting investors the victims with the recovery of their investment losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no obligation evaluation of their recovery options, at 585-310-5140.

Peiffer Wolf (1315 Posts)

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.