For Release: April 14, 2003
FEDERAL COURT ORDERS GEORGIA FOREIGN CURRENCY FIRM AND ITS PRESIDENT TO REPAY CUSTOMERS IN CFTC FRAUD ACTION
Infinite Trading Group, LLC. and Anthony Garcia Also Ordered to Pay $660,000 Civil Penalty
WASHINGTON, D.C. – The U.S. Commodity Futures Trading Commission (CFTC) announced today that a Georgia federal district court entered an order of default judgment in its favor requiring defendants Infinite Trading Group, LLC (Infinite) and Anthony Garcia (Garcia), formerly the President of Infinite Trading Group, to repay defrauded investors and also to pay a civil penalty resulting from their violations of federal commodity laws.
The court’s order, entered on March 26, 2003, stems from a complaint filed by the CFTC against Infinite, Garcia, Shawn Christie, and Edward Cameron Lindsey in the United States District Court for the Northern District of Georgia on April 30, 2001 (See CFTC News Release 4513-01, May 2, 2001). Defendants Infinite and Garcia never responded to the CFTC’s allegations.
The court’s order found that Infinite and Garcia defrauded investors by soliciting customer funds to trade options on foreign currency contracts (FOREX) using high-pressure sales tactics and exaggerations about the profit potential of investing in FOREX options. The order further found that Infinite and Garcia misappropriated at least $219,250 of customers’ funds for the personal expenses of Infinite and Garcia in the manner of a Ponzi scheme. The court also found that Infinite’s customer funds were never used to purchase FOREX options. The court’s order permanently prohibits Infinite and Garcia from further fraudulent conduct and from trading commodity futures, or options on commodity futures or foreign currency.
The court’s order of default judgment requires Infinite and Garcia to pay restitution to injured investors in the amount of $219,250 and to pay a civil penalty of $660,000.
This litigation was part of a coordinated cooperative enforcement effort with the Fulton County District Attorney’s Office, which filed a criminal action against Shawn Christie and Edward Cameron Lindsey for violations of the telemarketing laws arising out of the same underlying facts.
The following CFTC Division of Enforcement staff were responsible for this case: Beth Morgenstern, Sheila L. Marhamati, Judith Slowly, Lenel Hickson, and Stephen J. Obie.
Media Enforcement Contact:
Stephen J. Obie, CFTC Eastern Regional Office
Associate Director and Regional Counsel
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