For Release: March 24, 2010
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that it obtained $260,000 in civil monetary penalties and equitable relief in separate federal judgment orders against Steven Leigh Shakespeare and his company, Guardian Futures, Inc. (GFI), an Austin, Texas introducing broker, in a CFTC anti-fraud action.
The orders of permanent injunction, entered by Judge Sam Sparks of the U.S. District Court for the Western District of Texas, resolve a CFTC enforcement action filed in April, 2009, that charged Shakespeare and GFI with fraud and unauthorized trading of customer accounts (see CFTC v. Shakespeare, et al. No. 09-cv-206 SS [W.D. TX. 2009] and CFTC Press Release 5645-09, April 9, 2009).
The orders find that, beginning on or about November 20, 2007, and continuing to at least January 18, 2008, Shakespeare and GFI engaged in fraud and unauthorized trading with regard to commodity accounts introduced by the defendants. Specifically, the orders find that Shakespeare committed fraud and made misrepresentations and/or omissions of material fact and knowingly made unauthorized transactions in the accounts of Plains Grain Company, Inc. and Evans Grain Marketing LLC, held at futures commission merchant Alaron Trading Corp.
The orders require Shakespeare and GFI each to pay a $130,000 civil monetary penalty and permanently prohibit the defendants from engaging in any commodity-related activity and from registering with the CFTC in any capacity.
The following CFTC Division of Enforcement staff members are responsible for this matter: Timothy J. Mulreany, Saadeh Al-Jurf, Michael Amakor, Paul Hayeck and Joan Manley.
Last Updated: April 2, 2010