Release: # 4201-98 (CFTC Docket No. 99-1)
For Release: October 29, 1998
CFTC ISSUES ORDER FINDING THAT DAVID GREEN COMMITTED NUMEROUS VIOLATIONS IN OPERATION OF COMMODITY POOL
CFTC Orders Green to Pay a Civil Monetary Penalty, Make Restitution, and Cease and Desist from Further Violations of the Commodity Exchange Act and Regulations, Among Other Sanctions
WASHINGTON – The Commodity Futures Trading Commission (CFTC) announced today that it issued an order accepting an offer of settlement from David Green of Scottsdale, Arizona, to resolve enforcement claims against Green.
The CFTC order finds that Green, who acted as a commodity pool operator without being registered as such with the CFTC, violated provisions of the Commodity Exchange Act (CEA) prohibiting fraudulent activity in connection with his operation of a commodity pool. Specifically, when Green closed the pool, he failed to give certain pool participants full refunds of their pool shares.
In addition, the CFTC order finds that Green violated various Commission regulations by commingling pool funds with other funds, failing to provide proper risk disclosure documents or issue adequate and regular account statements to pool participants, and failing to register as a commodity pool operator.
Green, without admitting or denying the findings in the CFTC's order, consented to the entry of the Order directing him to:
Green also agreed, and the order requires, that he never again engage in trading commodities for future delivery or options thereon on behalf of persons other than himself, his spouse, or his children.