CFTC Says Court Orders Ex-New York Resident to Pay Over $288 Million in Commodity Pool Ponzi Case
The U.S. Commodity Futures Trading Commission (CFTC) said on October 19 that federal court orders require a former New York resident and his firm to pay more than $288 million for operating a commodity pool Ponzi scheme.
According to Reuters, the CFTC said the pool was pitched as trading futures, options and other commodities, while in practice newer participants' money was used to pay earlier ones — the structure of a Ponzi scheme. The court-ordered amounts cover restitution to victims, disgorgement of ill-gotten gains and civil monetary penalties.
Commodity pools, which combine funds from multiple investors to trade futures and other derivatives, must register under the Commodity Exchange Act and are overseen by the CFTC. The agency's recent enforcement docket has repeatedly included pool, precious-metals and digital-asset schemes that promised high returns without real trading. (GSM, via Reuters)
Published by GSM · USA (original Chinese edition)
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