For Release: July 23, 2003
FEDERAL COURT ORDERS CALIFORNIA MAN TO REPAY CUSTOMERS IN COMMODITY FUTURES TRADING COMMISSION FRAUD ACTION
Mark Ross Weinberg Also Ordered to Pay $1.26 Million Civil Penalty
WASHINGTON D.C. – The U.S. Commodity Futures Trading Commission (CFTC) announced today that the United States District Court for the Middle District of California entered an order of default judgment in the CFTC’s favor requiring defendant Mark Ross Weinberg of Los Angeles, California, to repay defrauded investors and also to pay a civil penalty due to his violations of federal commodity laws.
The order stems from a complaint filed by the CFTC against Weinberg on March 12, 2002 (see CFTC News Release 4619-02, March 18, 2002). The order finds that Weinberg solicited and misappropriated $421,500 in customer funds, including commodity pool funds, that were purportedly to be used to trade commodity futures contracts, and has otherwise defrauded commodity investors. The order further finds that Weinberg by engaging in such conduct violated federal commodity laws, as well as a prior CFTC administrative action that required that he permanently cease defrauding customers, advisory clients, and commodity pool participants.
The order requires Weinberg to pay restitution to injured investors in the amount of $570,198.79, which includes pre-judgment interest, and to pay a civil penalty of $1,264,500.
The following CFTC Division of Enforcement staff were responsible for the case: John Dunfee, Michael Jones, Richard Glaser, and Richard Wagner.
(For more information on commodity pool fraud, see the CFTC’s Consumer Advisory-Alert of February 26, 2002: Beware of Commodity Pool Investment Opportunities Promising Large Profits and Little Risk, Even When Offered by Persons You Know.)
Richard Glaser, Associate Director
CFTC Division of Enforcement
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