December 4, 2015
CFTC Charges California Resident David Bryant with Fraud and Acting as an Unregistered Commodity Pool Operator
Bryant Allegedly Solicited over $3 Million from Pool Participants and Sent Participants False Statements Reporting Non-Existent Profits in a Non-Existent Pool Account
Federal Court Enters Emergency Order Freezing Bryant’s Assets and Protecting Books and Records from Destruction
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that on December 2, 2015, it filed a civil enforcement action in the U.S. District Court for the Northern District of Illinois charging David Bryant of Los Angeles County, California, with fraud and acting as a Commodity Pool Operator without being registered with the CFTC, as required.
The CFTC also announced that on December 2, 2015, U.S. District Judge Edmond E. Chang entered an emergency restraining Order freezing Bryant’s assets and prohibiting him from destroying documents or denying CFTC staff access to his books and records.
The CFTC’s Complaint alleges that, between at least June 2014 and the present, Bryant has fraudulently solicited and accepted at least $3 million from pool participants, claiming that he was trading their funds in an account for the Bryant Family Investment Fund LLC. Bryant sent pool participants false account statements for the account showing large profits and an account balance of several million dollars, the Complaint alleges. According to the CFTC’s Complaint, in reality, there was no Bryant Family Investment Fund LLC account, and Bryant actually lost over $2.6 million trading in his personal accounts during this period.
In its continuing litigation, the CFTC seeks restitution, disgorgement of ill-gotten gains, civil monetary penalties, trading and registration bans, and injunctions against further violations of the Commodity Exchange Act.
CFTC Division of Enforcement staff members responsible for this action are Stephanie Reinhart, Joseph Patrick, David Terrell, Scott Williamson, and Rosemary Hollinger.
Last Updated: December 4, 2015