September 25, 2012
Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today filed a notice of intent to revoke the registrations of Gordon A. Driver and Axcess Fund Management LLC (Axcess Fund). Driver, a resident of Las Vegas, Nev., is registered with the CFTC as an Associated Person and is the sole principal of Axcess Fund, which is a registered Commodity Pool Operator.
The CFTC’s notice alleges that Driver and Axcess Fund are subject to statutory disqualification from CFTC registration based on the July 5, 2012 summary judgment order and the July 12, 2012 final judgment and permanent injunction order entered by the U.S. District Court for the Central District of California (see CFTC Release 6304-12, July 16, 2012). The summary judgment order and final judgment find that the defendants fraudulently solicited over $14.3 million from over 100 pool participants, made materially false and misleading statements or omissions of facts to pool participants, and misappropriated approximately $10.6 million for Ponzi-type payments and personal expenses.
The final judgment order imposes permanent trading and registration bans against the defendants and orders them to pay restitution of more than $9.5 million and a $31.8 million civil monetary penalty. The final judgment also permanently prohibits the defendants from violating the Commodity Exchange Act and CFTC regulations, as charged.
CFTC Division of Enforcement staff members responsible for this action are W. Derek Shakabpa, Judith M. Slowly, David Acevedo, Lenel Hickson Jr., Stephen J. Obie, and Vincent A. McGonagle.
Last Updated: September 27, 2012