Release: 4911-04
For Release: April 8, 2004

FEDERAL COURT ORDERS CALIFORNIAN OSCAR GOLDMAN TO PAY $275,500 IN SANCTIONS IN SETTLING COMMODITY FUTURES TRADING COMMISSION CHARGES

Defendant Goldman Had Been Charged With Fraudulent Sales Solicitations

WASHINGTON, D.C. - The U.S. Commodity Futures Trading Commission (CFTC) announced today that the United States District Court for the Central District of California issued a consent order of permanent injunction against defendant Oscar Goldman of Redondo Beach, California.

The order requires the defendant to repay ill-gotten gains of $95,500 and to pay a monetary penalty of $180,000. The order also permanently prohibits him from managing or directing the trading of commodity futures or options accounts for others. Goldman consented to the entry of the order without admitting or denying the allegations in the complaint.

The order, entered on April 1, 2004, by the Honorable John F. Walter, settles CFTC charges against Goldman arising out of the CFTC's complaint in CFTC v. Oscar Goldman, Civ. No. 03-3265 JFW (RCx) (See CFTC News Release 4786-03, May 14, 2003).

According to the CFTC complaint, Goldman fraudulently solicited customers to invest in a directed account program. As alleged, Goldman misrepresented his past trading success, failed to register as a commodity trading advisor and failed to provide a Disclosure Document to participants in his program.

The following CFTC Division of Enforcement staff were responsible for this case: Mark Bretscher, Robert Greenwald, Ken Hampton, Rosemary Hollinger, and Scott Williamson.

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Media Contacts
Alan Sobba (202) 418-5080
Dennis Holden (202) 418-5088
Office of External Affairs

Staff Contact
Rosemary Hollinger
Associate Director and Regional Counsel
Chicago Regional Office
CFTC Division of Enforcement
(312) 596-0520

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