U.S. COMMODITY FUTURES TRADING COMMISSION CHARGES NORTH CAROLINA RESIDENT JOHN POOLE WITH FRAUD
CFTC Alleges That Poole, as a Commodity Trading Advisor, Made False Representations on His Website Regarding the Profitability of His Commodity Trading System
Washington, D.C. – The U.S. Commodity Futures Trading Commission (CFTC) announced today the filing of an enforcement action in the United States District Court for the Middle District of North Carolina, charging fraud against John Poole a/k/a James Drew of Pfafftown, North Carolina.
The CFTC complaint alleges that, from April 2003 onwards, Poole, d/b/a Mac Systems, fraudulently promoted a commodity trading system through his Internet website, www.optionstoriches.com. The complaint charges that the website included false claims that the trading system would yield huge profits and enable clients to predict accurately market movements in any commodities market. The website posted fictitious client testimonials attesting to the success the clients had achieved using the trading system, according to the complaint.
Specifically, the complaint alleges that, among other things, Poole's website claimed to show investors how to "make a ton of cash" "using a proven and GUARANTEED system" (emphases in original). According to the complaint, Poole, through the website, also claimed that the system was easy to use and accurately predicted which way commodity options prices would move in the future.
However, according to the complaint, these claims are false, as Poole is unaware of any client who used the trading system offered on the website to make a profit or to predict accurately the movement of any commodity options market. As such, the complaint also alleges that the website's testimonials from people who supposedly had profited from using the trading system offered on the website are false.
In its enforcement action, the CFTC seeks, among other things, a permanent injunction, trading prohibitions, the return of ill-gotten gains, monetary penalties, and repayment to injured customers.
The following CFTC Division of Enforcement staff members are responsible for this case: Charles D. Marvine, Richard Glaser, and Richard Wagner.
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The CFTC encourages members of the public to bring to our attention any suspicious
activities involving futures or commodity options, including matters involving foreign
currency (forex) investments or suspicious Internet websites.
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