US Federal Court imposes a $7.6 million penalty in a CFTC commodity pool fraud case LeapRate

October 14, 2022 BY Steffy Bogdanova

US Federal Court imposes a $7.6 million penalty in a CFTC commodity pool fraud case

The scheme According to the CFTC, the fraudulent scheme began in August 2014 when Hewko and MPC began seeking investments into a pooled investment vehicle operated by MPC and marketed to prospective investors as the Global Opportunity Fund (Fund). The regulator detailed that over $1.1 million were collected from the investors from September 2014 to…

September 09, 2022 BY Steffy Bogdanova

CFTC orders ForexnPower operator to pay over $800K for commodity pool fraud

The CFTC alleges that Kang and ForexnPower conducted fraudulent solicitation through misrepresentations in Korean language newspapers. More than $1.5 million from customers were convinced trade off-exchange forex and over $800,000 of customer funds were misappropriated. Kang solicited pool participants and retail forex customers at a ForexnPower seminar, claiming that the company’s trading signals program would…

March 24, 2022 BY Steffy Bogdanova

US court issues $5 million penalty over commodity futures pool fraud

According to the court files, Phelps and Castenir formed Maverick, which operated commodity trading pool. In 2013 the company solicited over $1.2 million in funds from investors. The defendants used false materials claiming that Phelps had an extensive history of investing successfully in commodity trading markets. The defendants also falsely assured investors that there would…

April 12, 2018 BY LeapRate Staff

Algointeractive Inc and owners Kevin Whylie and Matthew Zecchini charged with investment fraud

The U.S. Commodity Futures Trading Commission (CFTC) announced that it has filed a civil enforcement action in the U.S. District Court for the Southern District of New York against Defendants Kevin P. Whylie of Mamaroneck, New York; Matthew James Zecchini of East Islip, New York; and Algointeractive Inc, a New York corporation owned and controlled by Whylie and Zecchini.…

November 18, 2017 BY LeapRate Staff

Gerard Suite and his company STA Opus LLC sanctioned and fined millions for investment fraud

The U.S. Commodity Futures Trading Commission (CFTC) obtained $1,127,855 in restitution for defrauded pool participants and $3,383,565 in civil monetary penalties in a federal court Default Judgment Order against Defendants Gerard Suite (who is known by numerous aliases, including Rawle Gerard Suite, Jerry Suite, and Jerry Snead) and his company, STA Opus NR LLC (STA Opus), as well as…

July 20, 2017 BY LeapRate Staff

Arthur Toole III and his companies Billionaire Investor Group and Catalyst Traders fined for commodity pool fraud

The U.S. Commodity Futures Trading Commission (CFTC) has announced the settling of charges against Arthur Toole III of Atlanta, Georgia and his companies Billionaire Investor Group (BIG), a Texas limited liability company, The Toole Group Inc., a Texas corporation, and Catalyst Traders LLC, a Georgia limited liability company, for misappropriating commodity pool funds, fraudulent misrepresentations, commingling pool funds,…

June 22, 2016 BY Mike Fox

Florida fraudster gets jail time and ordered to pay $2.7 million for commodity pool fraud

The U.S. Commodity Futures Trading Commission (CFTC) today announced that Judge Paul G. Byron of the U.S. District Court for the Middle District of Florida (Orlando Division) entered a Default Final Judgment Order against Defendants Dante S. Giovannetti and his companies Emini Experts, LLC(Emini) and Capital Trading Concepts LLC (Capital Trading) for defrauding clients in…

October 07, 2015 BY Mike Fox

California man ordered to pay monetary penalty and restitution totaling more than $3.9M in connection with commodity pool fraud

The Order arises from a CFTC Complaint filed in 2013, which charged fraudster with fraudulently soliciting approximately $3.9 million from approximately 761 individuals residing in Russia and various former republics of the former Soviet Union.

September 29, 2015 BY Mike Fox

CFTC orders Georgia man to refund monies in fine of over $500K for Forex pool con

The order found that the accused operated as a Commodity Pool Operator (CPO) without registering as such, as required, and acted as an unregistered Associated Person of that CPO.

September 08, 2015 BY Mike Fox

CFTC charges Tennessee and Kentucky fraudsters for over $1m in futures trading pool fraud

Without any license, defendants fraudulently solicited over $1 million from the public to trade commodity futures in a pool, and misappropriated more than $800,000 of pool participants’ funds for their personal use, while misrepresenting the profitability of their trading.

Tag: commodity pool fraud