July 18, 2012
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that on July 11, 2012, Judge Carol E. Jackson of the U.S. District Court for the Eastern District of Missouri entered a judgment imposing a $250,000 civil monetary penalty against defendants Randall L. Stuckey and his Missouri-based business entities, Stuckey Group, L.P., Stuckey Group II, L.P. and Oakwood Development Company, L.P. The order also imposes permanent trading and registration bans against the defendants. The order stems from a CFTC complaint filed on February 18, 2011, that charged the defendants with operating an illegal off-exchange foreign currency (forex) scheme (see CFTC Press Release 5990-11, February 22, 2011).
Previously, on April 27, 2011, the court entered a consent order of permanent injunction against the defendants finding that they violated the anti-fraud provisions of the Commodity Exchange Act, as charged. The consent order finds that from at least January 1, 2007, through July 31, 2010, Stuckey and his business entities fraudulently received approximately $2.87 million from more than 65 members of the general public to engage in the speculative trading of illegal off-exchange forex futures contracts. Stuckey operated the scheme out of his residence located in St. Peters, Missouri.
In a related criminal prosecution in February 2011, based on substantially the same facts as alleged in the CFTC’s civil enforcement action, Stuckey was sentenced to 36 months imprisonment and ordered to pay $2,298,454 in restitution to defrauded customers and to forfeit $919,000 in financial accounts (United States v. Randall Lynn Stuckey, Criminal No. 4:10-cr-00444-CEJ (E.D. Mo.)).
The CFTC appreciates the assistance of the U.S. Attorney’s Office for the Eastern District of Missouri and the Federal Bureau of Investigation.
CFTC Division of Enforcement staff members responsible for this case are Peter M. Haas, Danielle E. Karst, Kyong J. Koh, Paul G. Hayeck, and Joan Manley.
Last Updated: July 18, 2012