Edmond E, Northern District Court, Illinois.Judge Chang granted a request by the Commodity Futures Trading Commission (CFTC) to impose a default on Coby Young, owner of Young Emerging Strategies LLC。The request was granted in view of the fact that the service was effective and no response was made to the complaint。

In November 2023, the CFTC filed a lawsuit against Coby Young of Illinois and his company, Young Emerging Strategies LLC, alleging fraud by defendants in leveraged, margin or financed retail foreign exchange transactions (retail foreign exchange), fraud by commodity pool operators, violation of registration regulations, violation of disclosure and record-keeping regulations, and confusion of commodity pool properties.。

In the indictment, the CFTC requires the defendant to compensate commodity pool participants for losses, surrender illegal gains, impose civil fines, permanently prohibit trading and registration, and permanently prohibit further violations of the Commodity Exchange Act (CEA) and CFTC regulations.。

The complaint alleges that since at least August 2019, the defendants have directly solicited individuals to participate in retail foreign exchange trading courses through websites, social media and in person.。Defendant approached certain collective participants to join retail foreign exchange trading pools operated by Defendant。

The defendant received about $300,000 from the participants by, among other things, promising to double the investments of many or all participants through retail foreign exchange transactions.。However, the defendant misappropriated most of the funds for personal expenses, cash withdrawals and payments to other pool participants.。The defendant was also not at the CFTC, did not provide the necessary disclosures to pool participants, and did not maintain records as required。