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Page 175 of 176

September 25, 2014

The CFTC entered an order requiring Louis J. Ferone, of Miami, Florida to pay restitution of $55,442 to customers and a $100,000 civil monetary penalty for engaging in illegal, off-exchange precious metals transactions.  CFTC

Tagged in: Regulatory Violations,

September 23, 2014

The CFTC settled charges against Todd Young of Atlanta, Georgia, and his company, Young Scott & Associates, for engaging in illegal, off-exchange precious metals transactions, requiring restitution of $162,487 to their customers and imposing permanent registration and trading bans.  CFTC

Tagged in: Regulatory Violations,

September 23, 2014

The CFTC filed a federal complaint charging Ohio's John Bullar and his company, Executive Management Advisors LLC, with fraud and embezzlement in operating a $8 million commodity pool and ponzi scheme.  CFTC

Tagged in: Ponzi Schemes,

September 17, 2014

The CFTC issued an order settling charges against Sean F. McCabe, a resident of Sunny Isles, Florida, and his company, WorldPMX, Inc., for engaging in illegal, off-exchange precious metals transactions and for operating WorldPMX as an unregistered Futures Commission Merchant (FCM).  The order requires McCabe and WorldPMX jointly to pay restitution totaling $1,048,807 and a civil monetary penalty of $140,000, and imposes permanent registration and trading bans on McCabe and WorldPMX.  CFTC

Tagged in: Regulatory Violations,

September 16, 2014

The CFTC filed a complaint against Glen Galemmo of Cincinnati, Ohio, charging him with operating a multi-million dollar Ponzi scheme through his firm, QFC, LLC, from February 2010 through at least July 2013 and alleging millions of dollars in fraud.  CFTC

Tagged in: Ponzi Schemes,

August 21, 2014

The CFTC issued an Order filing and settling charges against S.J. Woods, Inc. and its owners, Peter Blanco and Paul Proscia, involving their participation in illegal, off-exchange financed transactions in precious metals with retail customers. The Order requires them to pay restitution totaling $2,971,992.23 to their customers, imposes permanent trading bans against them, and prohibits them from violating the Commodity Exchange Act, as charged.   CFTC

Tagged in: Regulatory Violations,

August 11, 2014

The CFTC entered an Order requiring Jacob N. Stein, individually and doing business as TEPdesign, Inc., to pay restitution of $244,400 to defrauded customers and a $100,000 civil monetary penalty, for committing fraud and misappropriation in connection with a commodity pool that traded leveraged or margined off-exchange foreign currency contracts (forex).  CFTC

Tagged in: Foreign Exchange, Regulatory Violations,

August 7, 2014

The CFTC obtained an order against Florida residents John P. D’Onofrio, George E. Sarafianos, Scott D. Piccininni and their Florida companyAmeriFirst Management to jointly pay more than $25M in restitution and a $10M penalty for operating a fraudulent precious metals scheme.  Specifically, the order found the defendants operated an illegal, off-exchange precious metals scheme and made numerous fraudulent misrepresentations, false reports, and statements in connection with the scheme.  CFTC

Tagged in: Regulatory Violations,

August 7, 2014

Florida resident Lawrence Scott Spain and his company Palm Beach Capital were ordered to pay $527,000 for engaging in illegal, off-exchange precious metals transactions.  The order stems from a CFTC Complaint filed in May 2014 charging Spain and his company with violating the Commodity Exchange Act by these illegal transactions.  CFTC

Tagged in: Regulatory Violations,

August 4, 2014

The CFTC obtained a $13M penalty against Parnon Energy of California, Arcadia Petroleum of the United Kingdom, and Arcadia Energy of Switzerland for manipulating New York Mercantile Exchange (NYMEX) Light Sweet Crude Oil futures contract spreads from January 2008 to April 2008.  CFTC

Tagged in: CFTC Whistleblower Reward Program, Market Manipulation and Trading Violations,

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