Domain Name Seizure Reversed, Favorable Settlement Gained
Ifrah Law’s client, a Russian corporation, was charged in the United States District Court
for the District of Columbia with violating the Commodity Futures Trading Commission
The company is comprised of a group of financial and investment companies that provide
online trading services. The government alleged that the defendants operated a foreign
currency exchange business over the Internet, which served U.S. customers but did not
register with the CFTC, as is required by law. The government was seeking $280,000 in
potential fines and the worldwide shutdown of the lucrative web site.
After the government obtained a default judgment against the defendant, they turned to
Ifrah Law. With our representation and expertise in financial matters, the case was settled
for a small fine and the web site remains operable outside of the United States.
(CFTC v. InstaForex, Case No. 1:11-cv-00188 (U.S. District Court, District of Columbia))