October 21, 2015
CFTC Charges Colorado Resident Gregory L. Gramalegui, Doing Business as Emini Trading School, with Fraud and Other Violations Involving a Futures Trading System and Advisory Service
Gramalegui also Charged with Violating a CFTC Administrative Order Entered in 2001, Settling Prior Fraud Charges Brought against Him
Washington, DC—The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of a civil enforcement action in the U.S. District Court for the District of Colorado, charging Defendant Gregory L. Gramalegui of Vail, Colorado, with fraud, making false statements to the CFTC, failure to make required advertising disclosures, and violation of an administrative Order (CFTC Order) entered by the CFTC on July 12, 2001 (see CFTC Order and Press Release 4544-01, July 12, 2001). Gramalegui has never been registered with the CFTC.
In its enforcement action, the CFTC alleges that the Defendant made fraudulent representations in marketing materials for his futures trading system and advisory service. The Defendant offered his futures trading system and advisory service through his Emini Trading School (ETS). The CFTC Complaint also alleges that the Defendant’s fraudulent representations were made on the ETS website, in marketing e-mails, and in the “Live Trading Room” run by ETS.
Specifically, the Complaint charges that the Defendant made material, false representations in his solicitations of clients and prospective clients, including that 1) “You can win every day in the markets by following our trading plan”, 2) “The traders who do use our Trading Plans had many LONG winning trades and NO Losing Trades”; and 3) “We make it that easy for the trader to let the profits run.” In reality, as alleged, the Defendant had no basis for making these representations, and his clients lost money using his futures trading system and advisory service.
In addition, the CFTC alleges that the Defendant made false or misleading statements to the CFTC during the course of its investigation into his conduct. The Defendant also failed to provide advertising disclosures to clients and prospective clients in the manner required under CFTC Regulations, and he violated the CFTC Order entered in 2001, settling prior fraud charges brought against him.
In its continuing litigation, the CFTC seeks restitution to defrauded clients, disgorgement of ill-gotten gains, a civil monetary penalty, permanent registration and trading bans, and a permanent injunction against futures violations of federal commodities laws, as charged.
The CFTC thanks the Vail, Colorado Police Department for their assistance in this matter.
CFTC Division of Enforcement staff members responsible for this case are Laura Brookover, Daniel C. Jordan, Michelle Bougas, and Rick Glaser, as well as Jeremy Christianson from the CFTC’s Office of Data and Technology.
Last Updated: October 23, 2015