Release #3868-95: October 11, 1995
District Court Judge Issues Ex Parte Restraining Order in the Action, Freezing Anderson's Assets and Appointing a Receiver
WASHINGTON -- The Commodity Futures Trading Commission (CFTC) today announced the filing of an eight-count civil complaint in the U.S. District Court for the Northern District of Illinois against Gary Bruce Anderson of Syracuse, Indiana. The CFTC complaint alleges that from 1992 through the present Anderson cheated and defrauded at least 11 investors in Illinois and Indiana in soliciting and receiving a total of more than $256,000 to trade commodity futures contracts.
Specifically, the complaint charges Anderson with cheating and defrauding investors by:
In addition, Anderson is charged with converting investors' funds to his own use and the use of others -- including two trusts controlled by Anderson -- and issuing customer account statements that, among other things, falsely stated that profits had been generated when Anderson had actually lost money trading. The CFTC complaint also charges Anderson with acting in capacities that require registration with the Commission.
On the same day that the complaint was filed, U.S. District Court Judge Milton Shadur issued an ex parte restraining order freezing all of Anderson's assets and preserving his books and records. Judge Shadur also appointed R. Dickey Hamilton of the law firm of Miller, Shakman, Hamilton, Kurtzon & Schlifke as receiver [(312) 759-7220].
Hearing Scheduled for October 20 on the CFTC's Motion for a Preliminary Injunction
A hearing on the CFTC's motion for a preliminary injunction is scheduled for October 20, 1995. The CFTC is seeking full restitution to investors, preliminary and permanent injunctions, a civil monetary penalty against Anderson, and the disgorgement of the assets of the Gary B. Anderson Trust and the Anderson Family Trust that can be traced to Anderson's alleged fraud.