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Case Status Report: Nawab Ali Khan Ali
May 2005: On May 16, 2005, the Court entered an Order Establishing Restitution Claims Process that sets forth a procedure for submission of restitution claims. As provided by the Order Establishing Restitution Claims Process, customers of Mega Trend or Sterling FX who invested after December 20, 2000 and who wish to make claims for restitution must complete a claim form and return it to the CFTC by August 15, 2005.
To make a claim, complete the Court-approved claim form, and send it to the attention of John Wise, our Staff Contact. Please also send any documents that you may have that support your claim, such as copies of cancelled checks or customer account statements. If your completed claim form is not received by the CFTC by August 15, 2005, you will be barred from receiving repayment of any portion of your investment losses in connection with this case.
After the claim forms have been received and analyzed, a distribution plan will be submitted to the Court by the CFTC for approval. You will be given notice of the plan, an opportunity to respond or object to the distribution plan in writing, and the right to appear at the court hearing for final approval of the distribution plan.
May 2004: On May 12, 2004 a Final Order of Default Judgment was entered in the case that provides that the Defendants must make restitution (repayment of investment losses) to customers of Defendants Mega Trend 2000, Inc. (Mega Trend) and Sterling FX International LLC (Sterling FX). Restitution is to be paid in accordance with a plan of distribution to be submitted by the CFTC, when approved by the Court.
The class of customers eligible for restitution consists of customers of Mega Trend or Sterling FX who invested funds for trading after December 20, 2000. At the present time, $102,144.45 is available for restitution. Therefore, each customer who is found to be eligible for restitution will be repaid only a portion of his/her investment losses.
August 2002: On August 20, 2002 the CFTC filed an action in the U.S. District Court for the Central District of California captioned CFTC v. Nawab Ali Khan Ali a.k.a. Nawab Khan a.k.a. Eric Ali; Sterling FX International LLC; Mega Trend 2000, Inc.; and Romeo Ancheta a.k.a. Roger Barreto, Case No. CV-02-06619 PA (SHSx).Related Documents:
- CFTC News Release: 4692-02, September 3, 2002
- CFTC News Release: 4389-00, April 3, 2000
- Order, January 26, 2004
- Order Establishing Restitution Claims Process, Deadline: August 15, 2005
- Mega Trend/Sterling FX Customer Claim Form (Word)
Staff Contact
John T. Wise
Trial Attorney
CFTC Division of Enforcement
140 Broadway, 19th Floor
New York, NY 10005
646-746-9815