For Release: April 5, 2007
Washington, D.C. – The U.S. Commodity Futures Trading Commission (CFTC) announced today that on March 15, 2007, it issued separate orders revoking the registrations of Worldwide Commodity Corporation (WCC) and its successor corporation, South Coast Commodities, Inc. (South Coast), both of Pembroke Pines, Florida, as Introducing Brokers (IB). The orders finalized separate Initial Orders issued by a CFTC Administrative Law Judge (ALJ) in February 2007, which stemmed from CFTC statutory disqualification proceedings brought against WCC and South Coast in December 2006 (See CFTC Press Release 5268-06, December 20, 2006).
In the Initial Orders, the ALJ entered default judgments against both WCC and South Coast and found that appropriate bases existed for revoking their registrations as IBs. WCC and South Coast separately entered into a Consent Orders of Permanent Injunction in Federal District Court in Florida which (1) found that the corporation had violated certain anti-fraud provisions of the Commodity Exchange Act and CFTC regulation 33.10(a) and (c), and (2) permanently enjoined the corporation from further such violations. Both WCC and South Coast were found to be unfit for registration, and their registrations were ordered revoked.
The following CFTC Division of Enforcement staff members are responsible for this case: Richard Glaser, Charles Marvine, and Rachel Hayes.
Last Updated: April 17, 2007