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CFTC Moves to Revoke Registrations of CTAX Partners, CTAX Series, and Purvesh Mankad Over Fraud Findings
The CFTC has initiated actions to revoke the registrations of introducing broker CTAX Partners, commodity pool operator CTAX Series, and Purvesh Mankad following court findings of fraud.
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The Commodity Futures Trading Commission (CFTC) has launched formal proceedings to revoke the regulatory registrations of Purvesh Mankad and his affiliated firms, CTAX Partners, LLC and CTAX Series, LLC, after federal court findings determined they engaged in fraud and misappropriation.
The regulatory enforcement action stems from permanent injunctions and findings issued by the U.S. District Court for the District of Arizona in the case CFTC v. Mankad (Case No. CV-21-01719-PHX-DJH). The court concluded that Mankad and his entities violated the antifraud provisions of the Commodity Exchange Act (CEA).
According to the CFTC's Notice of Intent, CTAX Partners had been registered as an introducing broker, CTAX Series as a commodity pool operator, and Mankad as an associated person of both entities since 2013. The CFTC is seeking permanent revocation of these registrations because all parties were found to have committed fraud and misappropriation of funds in violation of federal commodity laws, leading to court-ordered permanent injunctions against acting in registered capacities.
Investors are urged to remain cautious when selecting brokers and investment pools, verify regulatory enforcement histories through official regulatory databases, and report suspected fraudulent activity immediately.