|CFTC Seal
       Commodity Futures Trading
         Commission
         Office of External Affairs (202) 418-5080
         Three Lafayette Centre
         1155 21st Street, NW
         Washington, DC 20581                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | CFTC Seal                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | Commodity Futures Trading
         Commission
         Office of External Affairs (202) 418-5080
         Three Lafayette Centre
         1155 21st Street, NW
         Washington, DC 20581
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|CFTC Seal                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Commodity Futures Trading
         Commission
         Office of External Affairs (202) 418-5080
         Three Lafayette Centre
         1155 21st Street, NW
         Washington, DC 20581                                                                                                                                                                                                                                                                                                                                                                                                                                             
|Release: 5063-05For Release: March 31, 2005
              FEDERAL COURT ISSUES INTERIM ORDER BARRING FOREIGN FUND, AN
              INTERNET CURRENCY TRADING FIRM, FROM DEFRAUDING CUSTOMERS, AND
              ORDERS THE APPOINTMENT OF A TEMPORARY RECEIVER
              Court’s Order Continues Asset Freeze against Foreign
              Fund and Bars the Sale of Illegal Futures Contracts
              WASHINGTON, D.C. – The U.S. Commodity Futures Trading
              Commission (CFTC) announced today that on March 8, 2005, the
              Honorable Robert L. Echols, Chief Judge of the U.S. District
              Court for the Middle District of Tennessee, issued an order of
              preliminary injunction against defendant Foreign Fund,
              a/k/a First Bank, an Internet entity that directed customers to
              send funds to bank accounts in Nashville, Tennessee and Mountain
              View, California.
              The preliminary injunction order bars Foreign Fund from engaging
              in fraud and the sale of illegal futures contracts during the
              pendency of the civil action. In a second order issued the same
              day, Judge Echols appointed Gilardi and Co., of Larkspur,
              California as Temporary Receiver to take control of the assets of
              Foreign Fund.
              The court’s order stems from a CFTC complaint filed on
              October 5, 2004, charging Foreign Fund with commodity fraud by
              its operation of a Ponzi scheme that fraudulently
              solicited more than $3 million dollars from thousands of
              customers throughout the United States and other countries. The
              complaint further alleges that Foreign Fund falsely claimed it
              paid customers up to 100 percent per month in profits that were
              purportedly derived from trading of foreign currency (forex)
              contracts. In addition, the complaint alleges that Foreign Fund
              offered illegal off-exchange futures contracts. (See CFTC News
              Release 5005-04,
              October 12, 2004.)
              According to the court’s order, the Temporary Receiver,
              Gilardi and Co., will identify and take control of all known
              assets of Foreign Fund. Pending further orders from the court,
              Gilardi and Co. also will be responsible for identifying,
              providing notice to, and communicating with Foreign Fund
              customers. Gilardi and Co. will establish a web site at www.f-fundlitigation.com to
              communicate with the customers of Foreign Fund and to the extent
              necessary or feasible, process their claims. Interested customers
              may also contact Gilardi and Co. at 800-705-0698.
            
            In its ongoing litigation, the CFTC is seeking a permanent
              injunction against Foreign Fund and the other defendants named in
              the case, repayment to defrauded customers, the return of
              ill-gotten gains from the defendants, and civil monetary
              penalties for each violation of the Commodity Exchange Act and
              CFTC regulations.
            The following CFTC Division of Enforcement staff members are
              responsible for this case: Michael Amakor, Patricia Gomersall,
              Lael Campbell, Todd Kelly, Grant Collins, Paul Hayeck, and Joan
              Manley.
            # # # | Media Contacts
              Alan Sobba
              (202) 418-5080
              Dennis Holden       
              (202) 418-5088        
              CFTC Office of External Affairs
              Staff Contact       
              Paul G. Hayeck            
              Associate Director         
              CFTC Division of Enforcement       
              (202) 418-5312
              Receiver Contact 
              Gilardi and Co.            www.f-fundlitigation.com
              800-705-0698
              Related DocumentsOrder
			  CFTC Foreign Fund and/or First Bank Customer Information