For Release: July 14, 2003
CFTC SETTLES FRAUD CHARGES WITH CALIFORNIA RESIDENT MICHAEL INGWERSON
WASHINGTON, D.C. -- The U.S. Commodity Futures Trading Commission (CFTC) announced today the filing and simultaneous settlement of an administrative enforcement action against Michael Ingwerson of Campbell, California. The CFTC order finds that Ingwerson, a publisher of a commodity futures trading manual, fraudulently marketed his commodity futures trading publications and services to the public.
Specifically, the order, filed on July 11, 2003, finds that, over a three-year period beginning in January 2000, Ingwerson used fraudulent representations when soliciting the public to purchase the Magic Money Manual and other related commodity futures trading publications and services. According to the order, those solicitations were made through a website, www.trademaniac.com, as well as promotional brochures that falsely represented the profit potential and risks of commodity futures trading. The order, furthermore, finds that the promotional materials suggested that Ingwerson had become financially independent using his method of commodity futures trading, when, in fact, any profits he made were minimal and not nearly enough to make him financially independent. In addition, the order finds that Ingwerson, acting as a commodity trading advisor, through such conduct defrauded clients and prospective clients in violation of the Commodity Exchange Act and CFTC regulations.
The CFTC order directs Ingwerson to:
A copy of the CFTC order may be found at http://www.cftc.gov.
The following Division of Enforcement staff were responsible for this case: Paul G. Hayeck, Peter M. Haas, Ghassan Hitti, and Kyong J. Koh.
Media Enforcement Contact:
Paul Hayeck, Associate Director
CFTC Division of Enforcement
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