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Enforcement Press Releases
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- CFTC ISSUES ORDER ACCEPTING OFFERS OF SETTLEMENT FROM FRANK BARBARINO AND FRANK D'AMATO, FINDING THAT BARBARINO AND D’AMATO ARE SUBJECT TO STATUTORY DISQUALIFICATION AND RESTRICTING THEIR REGISTRATIONS AS FLOOR BROKERS AT THE NYMEX, 4352-99, December 22, 1999.
- Florida District Court Orders $2.29 Million in Disgorgement from Marc Stephen Wuensch for Commodity Options Fraud, 4351-99, December 20, 1999.
- CFTC FILES ADMINISTRATIVE COMPLAINT AGAINST CARL DEAN DIXON, CHARGING THAT HE COMMITTED COMMODITY FRAUD AND FAILED TO REGISTER AS A COMMODITY TRADING ADVISOR; CFTC Alleges that Dixon Made Misrepresentations and Deceptive Statements and Provided False Reports in Connection With His Fraudulent Solicitation of, and Advice to, Students of His Futures Trading Course, 4350-99, December 20, 1999.
- CFTC FILES AND SETTLES ACTION AGAINST GEORGE W. VELISSARIS FOR COMMODITY POOL FRAUD; CFTC Finds that Velissaris Defrauded Investors by Misappropriating Commodity Pool Funds and Misrepresenting the Profitability of the Commodity Pools, and Orders Restitution to Defrauded Investors, Among Other Sanctions, 4349-99, December 20, 1999.
- FLORIDA FEDERAL COURT GRANTS FINAL JUDGMENT BY DEFAULT AGAINST HARTFORD FINANCIAL GROUP, INC.; KERI L. STEWART; AND JOSEPH J. MARCHIANO IN CFTC ACTION CHARGING REGISTRATION, DISCLOSURE, AND REPORTING VIOLATIONS; Order Imposes Permanent Injunctions And Requires Defendants To Pay Civil Monetary Penalties, 4347-99, December 9, 1999.
- CFTC ACCEPTS SETTLEMENT OFFER FROM EMMETT J. WHEALAN IN CASE INVOLVING TRADE PRACTICE FRAUD; Settlement Agreement Revokes Whealan’s Registration, Prohibits Him From Trading For Five Years, And Imposes A $125,000 Civil Monetary Penalty, Among Other Sanctions, 4341-99, November 22, 1999.
- FLORIDA COURT ENTERS ORDER OF DEFAULT AND PERMANENT INJUNCTION AGAINST EUROPACIFIC EQUITY AND CAPITAL MANAGEMENT, LTD.; TORTOLA CORPORATION COMPANY, LTD.; INTERNATIONAL INVESTMENT GROUP, LTD.; AND RICHARD TICHY IN CFTC ENFORCEMENT ACTION CHARGING COMMODITY POOL FRAUD; Order Requires Defendants to Pay in Excess of $10 Million in Restitution and Civil Monetary Penalties, 4337-99, November 12, 1999.
- CFTC FILES CIVIL ENFORCEMENT ACTION AND OBTAINS RESTRAINING ORDER AGAINST FRED MONTE, JEANNE H. MONTE, AND COMP TECH LTD. INC., ALL OF BOCA RATON, FLORIDA, IN CONNECTION WITH THE ALLEGEDLY FRAUDULENT SALE OF A TRADING SYSTEM FOR FOREIGN CURRENCY FUTURES CONTRACTS, 4336-99, November 12, 1999.
- CFTC FILES CIVIL INJUNCTIVE COMPLAINT IN FEDERAL COURT IN LOS ANGELES AGAINST S. JAY GOLDINGER AND CAPITAL INSIGHT BROKERAGE, INC., CHARGING A FRAUDULENT TRADE ALLOCATION SCHEME; DEFENDANTS AGREE TO ENTRY OF PERMANENT INJUNCTION AND $6 MILLION DISGORGEMENT ORDER, 4335-99, November 8, 1999.
- CFTC ACCEPTS SETTLEMENT OFFERS OF TODD ALAN THOMAS AND WELLINGTON FINANCIAL GROUP, INC. IN CONNECTION WITH THE FRAUDULENT SOLICITATION OF CUSTOMERS; CFTC Order Accepting Settlement Offers Finds That Thomas and Wellington Committed Fraud In Soliciting Customers To Trade Commodity Future Options, Revokes Their Registrations, and Prohibits Them From Trading; Thomas Is Required to Pay $1.9 Million in Restitution to Defrauded Customers, 4332-99, November 3, 1999.
- CFTC WINS CASE AGAINST WEB OF FLORIDA FIRMS AND THEIR PRINCIPALS ENGAGED IN FRAUDULENT TELEMARKETING OF ILLEGAL FUTURES CONTRACTS (MIDLAND RARE COIN EXCHANGE, INC., ROBERT J. MITCHELL, TERRY A. SANDS, AND EIGHT OTHER DEFENDANTS); Federal District Court Rules that CFTC Has Jurisdiction Over Defendants’ Sale of Highly-Leveraged Precious Metal Contracts; Orders Florida Defendants to Pay Restitution Totaling Over $12.4 Million to Defrauded Investors Nationwide, 4331-99, November 3, 1999.
- WISCONSIN FEDERAL COURT ENTERS CONSENT ORDER OF RESTITUTION AGAINST JAMES F. BONNEY OF PLOVER, WISCONSIN, IN COMMODITY POOL FRAUD CASE FILED IN 1998; Court Orders Bonney to Pay Over $300,000 in Restitution to Defrauded Customers, 4329-99, October 27, 1999.
- COURT ORDERS AYM FINANCIAL CORPORATION AND ITS TWO PRINCIPALS, THOMAS M. PALEY AND ADAM S. JUECHTER, TO PAY RESTITUTION AND DISGORGEMENT TO SETTLE SUIT CHARGING FRAUDULENT SALE OF FOREIGN CURRENCY FUTURES CONTRACTS; Permanent Injunction Also Ordered Against Third Defendant, Marc Kronish, 4328-99, October 25, 1999.
- CFTC FILES COMPLAINT IN HAWAII FEDERAL COURT AGAINST DAVID T. MARANTETTE, III AND TROUBADOUR, INC., CHARGING FRAUD IN SOLICITING CUSTOMERS TO INVEST IN COMMODITY POOLS AND PURCHASE COMMODITY TRADING ADVISORY SERVICES; Federal Court Enters a Consent Order of Preliminary Injunction Prohibiting Marantette and Troubadour from Engaging In Fraudulent Activities, Barring the Destruction of Documents, and Freezing the Defendants' Assets, 4327-99, October 21, 1999.
- CFTC ACCEPTS SETTLEMENT OFFER OF SOUTHERN THUMB CO-OP, INC. ARISING FROM THE MARKETING OF ILLEGAL OFF-EXCHANGE AGRICULTURAL OPTIONS; CFTC Order Accepting Settlement Offer Finds Fraud In The Solicitation of Customers To Enter Into Off-Exchange Agricultural Options, 4323-99, October 7, 1999.
CFTC FILES COMPLAINT IN ILLINOIS FEDERAL COURT AGAINST CA-NI INDUSTRIES, LTD. AND NICHOLAS J. NICKOLAOU, CHARGING FRAUD IN SOLICITING CUSTOMERS FOR A COMMODITY TRADING PROGRAM AND MANAGED ACCOUNTS; CFTC Seeks Injunctive and Other Equitable Relief, Including Disgorgement of Ill-Gotten Gains, Restitution to Defrauded Customers, and Civil Monetary Penalties, 4320-99, October 1, 1999.
- CFTC FILES ENFORCEMENT ACTION CHARGING THAT FLOOR BROKER CONSTANTINE MITSOPOULOS COMMITTED FRAUD WHILE HANDLING CUSTOMER ORDERS; The CFTC’s Action Further Alleges That Mitsopoulos, Margaret Dull, Lisa Budicak, and Richard Marisie Violated Order-Taking and Recordkeeping Requirements In Preparing Customer Orders And That Mitsopoulos Failed to Supervise Diligently Phone Clerks Who Worked For Him, 4317-99, September 30, 1999.
- CFTC FILES DISQUALIFICATION ACTION AGAINST ANDREW DAVID RHEE AND REFLEX ASSET MANAGEMENT CORPORATION, 4316-99, September 29,1999.
- CFTC FILES CIVIL INJUNCTIVE ENFORCEMENT AGAINST DENVER-BASED CLAIRMONT CAPITAL CORP., AND ITS PRINCIPALS, GEOFFREY L. MANN AND CHARLES W. TRENCH, CHARGING THEM WITH FRAUD AND SELLING ILLEGAL FOREIGN CURRENCY OPTIONS; CFTC Action Charges That The Defendants Made False Representations Regarding Potential Profits and Risks; 4314-99, September 14, 1999.
- CFTC OBTAINS ASSET FREEZE AND APPOINTMENT OF A RECEIVER IN CIVIL INJUNCTIVE ACTION FILED AGAINST PRINCETON GLOBAL MANAGEMENT LTD., PRINCETON ECONOMICS INTERNATIONAL LTD., AND MARTIN A. ARMSTRONG; CFTC Complaint Alleges Fraud and Failure to Register Against Commodity Pool Operators and Commodity Trading Advisors, 4312-99, September 14, 1999.
- Tennessee Court Enters Consent Order of Permanent Injunction Against Richard G. Belz, Andrew E. Cafferky and Related Companies of Knoxville, Tennessee, in CFTC Enforcement Action Charging Commodity Pool Fraud; Order Requires Defendants to Disgorge $596,000, Plus Post-Judgment Interest, to Defrauded Investors Release, 4311-99, September 9, 1999.
- UTAH FEDERAL COURT ENTERS PERMANENT INJUNCTIONS AGAINST DOUGLAS FOSTER AND ROBERT MONCUR IN CFTC ENFORCEMENT ACTION CHARGING FRAUDULENT OPERATION OF THREE COMMODITY POOLS; Court Permanently Bars Foster and Moncur From Seeking Registration Or Acting In Any Capacity Requiring Registration With the CFTC and Prohibits Them From Trading For Ten Years, 4310-99, August 30, 1999.
- VIRGINIA COURT ENTERS DOCUMENT AND ASSET FREEZE IN CFTC INJUNCTIVE ACTION AGAINST PETER BERZINS CHARGING COMMODITY POOL FRAUD; CFTC Alleges Berzins Defrauded Investors By Making Misrepresentations While Soliciting Funds And Operating a Commodity Pool, 4308-99, August 26, 1999.
- CFTC FILES ADMINISTRATIVE COMPLAINT AGAINST CARGILL INC., CHARGING THAT CARGILL OFFERED TO ENTER AND ENTERED INTO ILLEGAL AGRICULTURAL OPTION CONTRACTS; CFTC Alleges that Cargill’s Premium Offer Contract Violates the Commodity Exchange Act and CFTC Regulations, 4307-99, August 26, 1999.
- CFTC ACCEPTS SETTLEMENT OFFER FROM MICHAEL SINGER IN CASE INVOLVING TRADE PRACTICE FRAUD; Settlement Agreement Revokes Singer’s Registration, Prohibits Him From Trading For Five Years, and Imposes a $75,000 Civil Monetary Penalty, Among Other Sanctions, 4305-99, August 23, 1999.
- CFTC FILES ENFORCEMENT ACTION ALLEGING COMMODITY FUTURES AND OPTIONS FRAUD AGAINST MAX E. WALTERS; Walters Allegedly Defrauded Limited Partnership And Limited Partner Out Of $1 Million By Making Misrepresentations Concerning Profits And Misappropriating Funds, 4301-99, August 10, 1999.
- CFTC FILES AN ENFORCEMENT ACTION AGAINST AND ACCEPTS OFFER OF SETTLEMENT FROM WOLCOTT & LINCOLN L.L.C. AND DAVID GIBSON; CFTC Finds That Wolcott & Lincoln, An FCM, Improperly Handled Customer Money, Violated Recordkeeping Requirements, Filed False Reports and Failed To Supervise Diligently; Gibson, As Manager of Wolcott & Lincoln, Is Also Found Liable, 4300-99, August 10, 1999.
- MICHIGAN FEDERAL COURT ENTERS PERMANENT INJUNCTION AGAINST THOMAS LAMAR, OF WATERFORD, MICHIGAN, IN CFTC ENFORCEMENT ACTION CHARGING FRAUDULENT OPERATION OF A COMMODITY POOL; Court Orders Lamar to Pay Over $2.8 Million In Restitution and Disgorgement to Defrauded Customers and Permanently Bars Him from the Commodity Industry, 4299-99, August 10, 1999.
- New York Court Bars Oscar A. Klitin and Klitin Associates II, L.P. from the Futures Industry and Orders Klitin to Disgorge Misappropriated Investors' Funds In CFTC Enforcement Action; Injunction Stems from a 1997 CFTC Action Charging Fraud, 4298-99, August 5, 1999.
- CFTC FILES COMPLAINT IN MINNESOTA FEDERAL COURT AGAINST COMMODITY TRADING ADVISOR, PELTON STREET PUBLISHING, INC., AND ITS PRINCIPAL, ROGER MARTIN HOY, CHARGING FRAUD IN SOLICITING CUSTOMERS FOR COMMODITY TRADING COURSE; CFTC Seeks Injunctive and Other Equitable Relief, Including Disgorgement of Ill-Gotten Gains, Restitution to Defrauded Customers, and Civil Monetary Penalties, 4297-99, August 2, 1999.
- CFTC ACCEPTS SETTLEMENT OFFERS OF KEVIN JACKAM, MICHAEL THOMAS AND NEW MILLENIUM PROMOTIONS IN CASE INVOLVING THE FRAUDULENT SOLICITATION OF CUSTOMERS; CFTC Finds That Jackam Committed Fraud In Soliciting Customers To Trade Options On Commodity Futures Contracts And Failed To Supervise, and That Thomas And New Millenium Failed To Supervise And Acted In An Unregistered Capacity While Operating An Introducing Broker, 4295-99, July 29, 1999.
- CFTC FINDS THAT JAMES L. CONNELLY, A FLOOR BROKER AT THE CHICAGO MERCANTILE EXCHANGE, IS SUBJECT TO STATUTORY DISQUALIFICATION AND ISSUES CONSENT ORDER RESTRICTING CONNELLY'S REGISTRATION, 4294-99, July 29, 1999.
- FLORIDA FEDERAL COURT ENTERS PERMANENT INJUNCTION AGAINST MICHAEL INDIHAR, COMPUTER WAREHOUSE, INC. AND AUTOMATED TRADING SYSTEMS INC., IN CFTC ANTI-FRAUD ACTION FILED IN 1996; CFTC Alleged that the Defendants Cheated and Defrauded Florida Investors in a Commodity Pool, and Converted Customer Funds to Personal Use, Among Other Violations of Federal Commodity Law, 4288-99, July 19, 1999.
- CFTC FILES AND SETTLES SIX-COUNT INJUNCTIVE ACTION AGAINST MORRIS J. BENUN, CHARGING THAT HE COMMITTED FRAUD AND CONVERTED FUNDS WHILE OPERATING TWO COMMODITY POOLS; Benun Ordered To Pay Over $1 Million In Restitution To Pool Participants and Is Permanently Barred From the Commodities Industry By Consent Permanent Injunction, 4286-99, July 13, 1999.
- CFTC FILES CIVIL FRAUD COMPLAINT IN FLORIDA FEDERAL COURT AGAINST INTRODUCING BROKER R.J. FITZGERALD & CO., INC., RAYMOND AND LEIZA FITZGERALD, AL CORINGRATO, GREG BURNETT, AND CHUCK KOWALSKI; CFTC Action Charges that the Defendants Made False Representations and Engaged in Fraudulent Acts and Practices, Including Sales Solicitation Fraud and Account Churning, 4285-99, July 8, 1999.
- Merrill Lynch International, Inc. and Merrill Lynch Pierce Fenner & Smith (Brokers & Dealers), Ltd. Pay $15 Million to Settle Charges of Aiding and Abetting Manipulation of the Copper Market, 4284-99, June 30, 1999.
- CFTC Files Complaint Against Kent C. Calhoun of Hunt, Texas, Alleging That He Committed Fraud in Using the CFTC's Name to Solicit Customers to Purchase His Commodity Trading Systems and Attend his Commodity Trading Seminars; CFTC Seeks Injunctive and Other Equitable Relief, Including Disgorgement of Ill-Gotten Gains, Restitution to Defrauded Customers, and Civil Monetary Penalties, 4283-99, June 29, 1999.
- CFTC Accepts Settlement Offer of Selwyn "Sy" Gaiber; CFTC Settlement Order Finds that Gaiber Acted as an Unregistered CTA and Failed to Deliver Disclosure Documents and to Disclose His Past Performance Record, 4282-99, June 29, 1999.
- CFTC Institutes Administrative Proceedings Against and Accepts Offer of Settlement from Ross R. Godres of Lafayette, Colorado; CFTC Finds that Godres Defrauded Investors By Concealing Losses Resulting From the Trading of Precious Metal Futures Contracts on Behalf of a Commodity Pool, and Orders Restitution to Defrauded Investors, Among Other Sanctions, 4281-99, June 28, 1999.
- North Carolina Court Issues Preliminary Injunction in CFTC Action Charging Donald Trivette With Defrauding Investors and Misappropriating Investor Funds, 4280-99, June 25, 1999.
- georgia Court Orders Payment of Over $11.5 Million and Permanent Injunction In Default Order Against Estate of Donald B. Chancey, Southeastern Venture Partners Group, in Commodity Pool Fraud Case, 4278-99, June 8, 1999.
- New York Court Orders Defendants (New York Currency Exchange Corp., New York Currency Research Corp., and Michael T. Matejka) to Pay Over $8.1 Million in Civil Monetary Penalties and Orders Restitution of More Than $2.7 Million to Customers in CFTC Illegal Foreign Currency Futures Fraud Action; CFTC's 1998 Anti-Fraud Enforcement Action Alleged that the Defendants Cheated and Defrauded Customers Out of Over $3.5 Million, 4271-99, May 27, 1999.
- CFTC Files and Settles Action Against REFCO, Inc. for Order-Taking and Recordkeeping Violations and for Failing to Supervise; Company Ordered to Pay $7 Million, Including $1 Million To Fund An Industry Study, And to Cease And Desist From Further Violations, and to Conduct an Internal Review Concerning Refco's Compliance Policies and Procedures, 4269-99, May 24, 1999.
- CFTC Enforcement Proceeding Filed Against Global Minerals and Metals, R. David Campbell, Carl Alm, Merrill Lynch & Co., Inc., Merrill Lynch International Inc., and Merrill Lynch Pierce Fenner and Smith (Brokers & Dealers) Liited in Connection with 1995 Manipulation and Attempted Manipulation of the Copper Market; Global, Campbell, and Alm Charged in the Administrative Proceeding with Direct Participation in the Conduct; Merrill Lynch Entities Charged with Aiding and Abetting, 4265-99, May 20,1999.
- CFTC Obtains Preliminary Injunctions Against All Defendants, EuroPacific Equity & Capital Management, Ltd., Tortola Corporation Company, Ltd., International Investment Group, Ltd., David Michael Loyd, and Richard Tichy, in CFTC Enforcement Action Alleging Fraud, 4264-99, May 19, 1999.
- North Carolina Court Issues Asset Freeze and Temporary Restraining Order in CFTC Action Charging Commodity Pool Fraud; CFTC Charges Donald Trivette with Defrauding Customers by Misrepresentations and Misappropriation of Investor Funds, 4262-99, May 7, 1999.
- CFTC Finds That Earl A. Pedersen, a Floor Broker at the Coffee Sugar Cocoa Exchange, is Subject to Statutory Disqualification and Issues Consent Order Restricting Pedersen's Registration, 4260-99, May 3, 1999.
- Tennessee District Court Enters Asset Freeze Order Against Edwin Jay Sheldon, Applied Capital Management, LLC., and Charles Edward Powell in CFTC Enforcement Action Alleging Commodity Pool Fraud, 4259-99, April 29, 1999.
- CFTC Obtains Restraining Order in Civil Action Against Donald E. James and Donald James, Inc. of georgia Alleging Commodity Pool Fraud; Complaint Alleges That Defendants Operated a $5 Million Ponzi Scheme Over a Four-Year Period, 4257-99, April 21, 1999.
- North Carolina Court Enters Documents Freeze Order in CFTC Action Charging Commodity Pool Fraud; CFTC Charges Donald Trivette of North Carolina with Defrauding Investors by Misrepresentations and Misapproiation of Investor Funds, 4255-99, April 16, 1999.
- CFTC Obtains restraining order against Joseph P. McGivney, Sr., Edwin A. Koziol, Jr. and six corporations in Illinois accused of Commodity Fraud, 4254-99, April 13, 1999.
- CFTC Files Enforcement Action Alleging Commodity Options Fraud Against Wellington Financial Groups, Inc., 4250-99, March 31, 1999.
- CFTC Issues an Order Instituting Proceedings and Accepts Settlement Offer from Peter D. Hoffman, 4249-99, March 31, 1999.
- CFTC Files Statutory Disqualification Action Against Atwood Commodities, L.L.C. and Simultaneously Accepts Settlement Offer Placing Restrictions on Atwood's Registration., 4248-99, March 31, 1999.
- Minnesota District Court Bars James M. Zoller And The Tech-Comm Limited Partnerships From The Futures Industry For Fraudulent Scheme; Orders Restitution to Defrauded Investors of Over $4.91 Million, 4246-99, March 17, 1999.
- U.S. District Court for the Northern District of Alabama Orders Payment of $45 Million and a Permanent Injunction By Default Against Dr. Richard E. Busch in Alabama Commodity Pool Fraud Case, 4245-99, March 17, 1999.
- CFTC Files Complaint and Obtains Statutory and Temporary Restraining Order Against Mark E. Chulik in Anti-Fraud Action; Chulik, Of Manhattan Beach, CA., is Accused Of Commodity Fraud, 4244-99, March 17, 1999.
- CFTC Files Administrative Complaint Against Selwyn "SY" Gaiber of Indian Wells, California, Charging Violations of the Commodity Exchange Act and Commission Regulations, 4242-99, March 5, 1999.
- CFTC Files Enforcement Action Alleging Commodity Options Fraud Against Dunhill Financial Group, Inc., Mark Hutcherson and Kevin Jackam; Respondents Allegedly Solicited Customers Over the Internet; CFTC Action Also Alleges New Millennium Promotions, Michael Thomas, and Forrest Dayton, Jr. Violated CFTC Registration Requirements, 4241-99, March 4, 1999.
- CFTC Accepts Settlement Offer of International Futures Corporation (IFC), an Introducing Broker in Washington, D.C.; CFTC Finds that IFC Committed Fraud in Soliciting Customers for its Managed Account Trading Program and Acted as an Unregistered CTA; Order Finds that IFC Customers Lost about $400,000 in its Hermes Managed Account Program, 4238-99, March 3, 1999.
- CFTC Files Disqualification Actions Against Frank Barbarino and Frank D’Amato, Floor Brokers at the New York Mercantile Exchange, 4237-99, February 4, 1999.
- Florida District Court Orders Over $7.96 Million in Disgorgement from Marc Stephen Wuensch for Commodity Options Fraud, 4236-99, February 4, 1999.
- CFTC Adds Robert C. Rossi as Respondent in Enforcement Action, 4235-99, February 4, 1999.
- CFTC Finds That Anthony Myskowski, a Floor Broker at the Coffee Sugar COCOA Exchange, is Subject to Statutory Disqualification And Issues Order on Consent Restricting Myskowski's Registration, 4233-99, January 28, 1999.
- CFTC Files Disqualification Action Against Michael H. Varner, a Floor Broker at The New York Board of Trade, 4232-99, January 28, 1999.
- CFTC Files Administrative Complaint Against Farmers Cooperative Company And Three Employees Charging Violations Of The Commodity Exchange Act And Regulations, 4230-99, January 13, 1999.
- CFTC Finds That The Andersons, Inc. Of Maumee, Ohio, Offered To Enter And Entered Into Illegal Futures And Option Contracts; CFTC Order Accepting Settlement Offer Finds Convertible HTA Contracts and Option Features Contracts Violated the Commodity Exchange Act, 4229-99, January 12, 1999.
- Oklahoma District Court Orders $3.4 Million Restitution Payment and Bars Former Tulsa Resident, Richard Conroy Bell, From the Commodity Futures Industry for Commodity Pool Scheme, 4227-99 (Civ 93-C-1022H), January 8, 1999.
- New York Court Orders Defendants to pay over $7.1 Million in Civil Penalties, and Orders Restitution in Excess of $2.3 Million to Customers in CFTC Action Involving Illegal Foreign Currency Futures Fraud, 4224-99 (96 Civ. 7814), January 6, 1999.