Final Judgment Against John Fernandez, Avail Progression LLC, and Elite Generators LLC for Forex Fraud
Summary
The SEC obtained a final judgment in the Southern District of Texas against John Fernandez and two entities he controlled, Avail Progression LLC and Elite Generators LLC, for operating a forex fraud scheme. Instead of trading investor funds in forex markets as promised, Fernandez misappropriated the majority of investor money for Ponzi payments to earlier investors and personal expenses. The final judgment permanently enjoins all defendants from violating securities laws and bars Fernandez from serving as an officer or director of any public company. Defendants are jointly and severally liable for disgorgement of $5,002,383.00 plus $1,626,707.93 in prejudgment interest, with Fernandez individually liable for a $472,902.00 civil penalty.
Investment advisers and forex trading platforms should review their client fund handling procedures and disclosure practices. The SEC charged that guaranteed return promises combined with failure to execute promised trades is actionable under Sections 17(a) and 10(b). Firms offering forex or other trading programs should ensure marketing materials do not overstate returns or guarantee performance.
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What changed
The final judgment permanently enjoins Fernandez, Avail Progression LLC, and Elite Generators LLC from violating Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Additionally, Fernandez is permanently barred from participating in the issuance, offer, purchase, or sale of any security except for his personal accounts, and from serving as an officer or director of a public company.
Affected parties include registered investment advisers, forex trading platforms, and any entities offering guaranteed returns on investments. This enforcement action reinforces the SEC's focus on Ponzi-like fraud schemes disguised as legitimate trading operations and underscores the importance of verifying actual trading activity and fund segregation when evaluating investment opportunities.
Penalties
Disgorgement of $5,002,383.00 and prejudgment interest of $1,626,707.93 on a joint and several basis; civil penalty of $472,902.00 against Fernandez individually.
Archived snapshot
Apr 25, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
John Fernandez, Avail Progression, LLC, and Elite Generators, LLC
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 26539 / April 24, 2026
Securities and Exchange Commission v. John Fernandez, et al., No. 4:22-cv-04365 (S.D. Tex. filed Dec. 16, 2022)
SEC Obtains Final Judgment as to Defendants Charged in Forex Offering Fraud
On April 14, 2026, the United States District Court for the Southern District of Texas entered a final judgment as to John Fernandez and two companies he controlled, Avail Progression, LLC and Elite Generators, LLC, in connection with the SEC’s civil enforcement action against them.
According to the SEC’s complaint, filed on December 16, 2022, Fernandez promised to pay investors guaranteed returns by trading their funds in the forex markets. However, the complaint alleges that instead of trading investors’ money as promised, Fernandez used the majority of the investor funds to make Ponzi payments and for his own personal expenses.
The final judgment, which follows the Court entering bifurcated judgments as to the defendants on April 19, 2023 and granting the SEC’s motion for monetary relief on March 30, 2026, permanently enjoins Fernandez, Avail Progression, and Elite Generators from violating Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder; permanently enjoins Fernandez from participating in the issuance, offer, purchase or sale of any security except for purchases or sales for his own personal accounts; and prohibits Fernandez from acting as an officer or director of a public company. In addition, the final judgment orders the defendants to pay disgorgement in the amount of $5,002,383.00 and prejudgment interest in the amount of $1,626,707.93, on a joint and several basis, and orders Fernandez to pay a civil penalty in the amount of $472,902.00.
The SEC’s investigation was conducted by Jillian Harris and Carol Hahn of the SEC’s Fort Worth Regional Office. The SEC’s litigation was led by Tyson M. Lies and Matthew J. Gulde and supervised by Keefe Bernstein.
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