For Release: July 31, 2007
U.S. Commodity Futures Trading Commission Seeks to Revoke the Registration of New York Foreign Currency (Forex) Trader Udo Rotmistrenko
Registration Previously Suspended Based on Pending Federal Criminal Charges
Washington, D.C. – The U.S. Commodity Futures Trading Commission (CFTC) announced today that it has commenced an action against Udo Rotmistrenko, whose last address was in Brooklyn, New York, seeking to revoke his registrations with the CFTC.
The CFTC action, Notice of Intent to Revoke Registration, is based on a federal criminal action in which Rotmistrenko pled guilty to twenty-four counts of mail and wire fraud in soliciting investments in foreign currency trading. On June 18, 2007, the U.S. District Court for the Southern District of New York sentenced Rotmistrenko to 51 months in prison and ordered him to pay $1,800,410 in restitution.
On March 18, 2005, prior to Rotmistrenko’s May 31, 2005 entering of a guilty plea in the criminal action, the CFTC suspended Rotminstrenko’s registrations based on the filing of the criminal charges (see Order Suspending Registration). Under the Commodity Exchange Act (CEA), Rotmistrenko’s suspension remains in effect until his indictment is disposed of or until the CFTC terminates the suspension. Rotmistrenko’s guilty plea and sentencing disposes of the criminal indictment against him and now constitutes a basis for revoking his registration under the CEA.
The following CFTC Division of Enforcement staff members are responsible for this case: Gretchen L. Lowe, and Glenn Chernigoff.
Last Updated: July 31, 2007