For Release: November 6, 2006
North Carolina Court Orders Relief Defendant Pamela Kingsfield to Disgorge Ill-Gotten Gains Totaling $175,000
Order Represents the Final Chapter in Litigation Resulting in Over $15.8 Million in Restitution, Disgorgement, and Penalties
Washington, D.C.— The U.S. Commodity Futures Trading Commission (CFTC) announced today that the Honorable Richard L. Voorhees, United States District Judge for the Western District of North Carolina, ordered relief defendant Pamela Kingsfield to disgorge $175,000 in ill-gotten gains she received from defendants: IBS, Inc., a North Carolina corporation; IMC Trading, Inc., separately incorporated in North Carolina, Nevada, and Arizona; Joe Miller Company (doing business as IMC Trading), a California corporation; Mazuma Trading Group, Inc. (doing business as Pinpoint Marketing, Ltd.), a Florida corporation (corporations collectively referred to as the IMC Common Enterprise); and three individuals -- Alan Stein, Joseph Finateri, and Michael Temple.
The court order, entered on October 25, 2006, resolves charges against Kingsfield arising from the CFTC’s complaint in CFTC v. IBS, Inc., et al., 3:00cv103-V (W.D. NC). The complaint filed by the CFTC on March 13, 2000, charged the defendants with fraudulently telemarketing illegal futures contracts in such commodities as silver, palladium, and heating oil (see CFTC News Release 4382-00, March 20, 2000).
Specifically, the CFTC complaint charged that the IMC Common Enterprise and defendants Alan Stein, Joseph Finateri, and Michael Temple violated the Commodity Exchange Act (CEA) by selling illegal, off-exchange futures contracts, and by defrauding customers through misrepresentations concerning the profits investors were likely to achieve and through their failure to disclose the risks associated with their investment program.
The order finds that relief defendant Kingsfield received funds from the defendants that were obtained through fraudulent activities, and for which Kingsfield did not provide any legitimate goods or services in exchange for the payments received. Kingsfield was ordered to disgorge her ill-gotten gains in the amount of $175,000. The court order against Kingsfield represents the final relief sought by the CFTC in this matter.
The court had previously entered judgments against each of the defendants for their respective violations of the CEA. Collectively, the defendants have been ordered to pay restitution, disgorgement, and civil monetary penalties in excess of $15.8 million.
The following CFTC Division of Enforcement staff members are responsible for this case: Timothy J. Mulreany, Paul Hayeck, and Joan Manley.
Last Updated: April 22, 2010