David Mayer, a Georgia resident, faces a $15.6 million federal judgment stemming from the Silver Star Live forex trading scheme. The Commodity Futures Trading Commission (CFTC) secured this default judgment on July 27th in a case alleging widespread fraud and false claims made to over 9,000 clients.

Mayer had promoted Silver Star Live with a fabricated resume. He claimed two decades of trading experience, a past as a Wall Street hedge fund trader, and management of a municipal pension fund worth hundreds of millions. His pitch promised clients their accounts would triple every month.

Under oath in September 2019, Mayer's elaborate story unraveled. CFTC investigators found he possessed no actual trading experience and had never worked at a hedge fund. The "Quicksilver" alias he used was another element of his deceptive narrative. Bank records told a different story, showing Silver Star Live and its related entity, Silver Star Live Software, siphoned client funds.

Victims suffered $3.91 million in direct losses. This figure represents what individuals paid for Mayer's supposedly sophisticated Forex Trading System, a software program that promised automated wealth but consistently delivered automated financial setbacks.

The CFTC filed its lawsuit in June 2020. Mayer received personal service of the complaint that same month. He provided no response, no defense, and did not retain legal counsel. By August, the CFTC moved for a default judgment against him.

The court granted the default judgment on July 27th, accepting the CFTC's well-pleaded complaint as fact. Judge Lisa Godbey Wood outlined the penalties for Mayer and his companies. Silver Star Live must pay $198,143 in restitution and a $594,429 civil penalty. Silver Star Live Software owes $3.71 million in restitution, jointly with Mayer, plus a $9.79 million civil penalty. Mayer personally bears responsibility for the $3.71 million restitution and a $1.33 million civil penalty.

The National Futures Association will serve as the court-appointed Monitor. This role involves collecting restitution payments and distributing them to the identified victims.

Mayer did not operate Silver Star Live alone. Hassan and Candice Mahmoud co-founded the company with him. The CFTC also sued the Mahmouds, but they settled their charges in 2019 for $75,000, a significantly lower amount compared to Mayer's current judgment.

The judgment also includes a permanent injunction against Mayer. This order bars him from engaging in any future commodity or forex trading activities that involve cheating clients, issuing false reports, or deceiving individuals in connection with futures contracts. He is prohibited from continuing the very actions that led to the fraud.

Despite the permanent injunction, Mayer has continued his operations. As of August 2022, he was reportedly selling automated forex trading services through a new venture called Autobot Trading.