For Release: September 4, 2003
COMMODITY FUTURES TRADING COMMISSION SEEKS TO REVOKE REGISTRATIONS OF TODD J. SNIVELY AND HIS COMPANIES BASED ON PERMANENT INJUNCTION ENTERED IN FEDERAL COURT PROCEEDING
Todd J. Snively, Resident of Northville, Michigan, and Two Michigan Corporations, Commodity Consultants International and Futurewise Trading Group, Are Subjects of Registration Actions Based on Misappropriation of $6.27 Million from 900 Customers
Washington, D.C. – The U. S. Commodity Futures Trading Commission (CFTC) announced today that on September 3, 2003, it filed Notices of Intent to Suspend, Revoke, or Restrict the CFTC registrations of Todd James Snively as an associated person, and the registrations of his companies, Commodity Consultants International, Inc. (CCI) as a futures commission merchant, and Futurewise Trading Group, Inc. (Futurewise) as a commodity pool operator, commodity trading advisor, and introducing broker based on the entry of an order of permanent injunction against them in a federal district court for the Eastern District of Michigan earlier this year.
The March 2003 federal court order stemmed from a complaint filed by the CFTC on February 8, 2002 against Snively, CCI, and Futurewise, charging them with cheating hundreds of investors out of millions of dollars (see CFTC News Release 4606-02, February 11, 2002). The court’s order was entered with the consent of the defendants, who neither admitted nor denied its allegations (see CFTC News Release 4764-03, March 20, 2003).
The order requires Snively, a Northfield, Michigan resident, and CCI and Futurewise, both Michigan corporations, to repay $6.27 million to approximately 900 investors. The order further permanently prohibits Snively, CCI, and Futurewise from participating in the futures industry in any registered or exempt capacity and bars Snively, CCI, and Futurewise from trading for themselves or for others.
The CFTC Notices allege that the court’s order, and the facts underlying it, are sufficient under the statutory disqualification procedures of the Commodity Exchange Act (CEA) to suspend, restrict, or revoke the CFTC registrations of the registrants. Accordingly, the CFTC has ordered that a public hearing be held to determine whether the registrations of Snively, CCI, and Futurewise should be suspended, restricted, or revoked.
The following CFTC Division of Enforcement staff are responsible for this case: Rosemary Hollinger, Scott Williamson, Robert Greenwald, Mark Bretscher, Donald Nash, and Joy McCormack.
A copy of the CFTC Notices of Intent to Suspend, Revoke, or Restrict Snively’s, CCI’s, and Futurewise’s registrations may be obtained at www.cftc.gov.
Associate Director, Central Regional Office
CFTC Division of Enforcement (312) 596-0520
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