For Release: September 26, 1997
ILLINOIS COURT PERMANENTLY BARS ANTHONY S. RAMIREZ AND ABACUS
INVESTMENT GROUP INC., FROM THE FUTURES INDUSTRY
Action Stems a CFTC Five-Count Anti-Fraud Complaint Alleging That Defendants Defrauded Investors and Converted Investors' Funds to Personal Use
WASHINGTON -- The Commodity Futures Trading Commission (CFTC) announced today that on September 23, 1997, U.S. District Court Judge John A. Nordberg entered a consent order of permanent injunction against Anthony S. Ramirez of Blue Island, Illinois, and Abacus Investment Group, Inc. formerly of Homewood, Illinois, which, among other sanctions, permanently bars the defendants from the U.S. futures markets. Neither Ramirez nor Abacus Investment Group has ever been registered with the CFTC.
The court's action stems from a five-count injunctive complaint filed on September 16, 1997, alleging that the defendants cheated and defrauded investors by misappropriating and converting customer funds, and making misrepresentations and issuing false reports and statements to investors. The defendants accepted at least $507,000 from commodity investors, $385,000 of which Ramirez converted to his personal use, the CFTC complaint alleged.
Specifically, defendants Ramirez and Abacus agreed to:
-- findings that they committed all of the violations alleged in the complaint, including findings that they defrauded investors, converted investor funds and committed commodity pool operator fraud;
-- be permanently enjoined from further violations of the Commodity Exchange Act as charged;
-- be permanently prohibited from registering with the CFTC and from engaging in any activity in the commodity futures industry on behalf of others;
-- be permanently barred from trading commodities for their own accounts; and
-- provide an accounting of customer funds.
Finally, certain issues regarding the CFTC's requests for disgorgement of profits, restitution of customer funds, and payment of a civil monetary penalty were reserved by the court pending the filing of an accounting by defendants and discovery by the Commission.