Archive

September 27, 2016

Advanced Trading Workshop, Inc. of Jamesville, New York, agreed to pay $940,000 in penalties and disgorgement to resolve allegations that it fraudulently solicited clients to purchase access to an online trading room and failed to register with the CFTC as a Commodity Trading Advisor.  CFTC

September 22, 2016

Barclays Bank PLC agreed to pay $500,000 to settle charges that it failed to create, maintain, and promptly produce required confirmations for metals and energy Exchange for Related Position trades.  CFTC

September 22, 2016

The CFTC filed an enforcement action against Jamal Y. Vance and All City Investments, LLC, charging them with solicitation fraud in connection with off-exchange foreign currency transactions and with failure to register as Commodity Trading Advisors.  CFTC

September 21, 2016

The CFTC ordered Chicago-based Advantage Futures LLC, its CEO Joseph Guinan, and former Chief Risk Officer William Steele to pay a $1.5 million penalty for supervision and risk management failures and making inaccurate statements in filings with the CFTC.  CFTC

September 20, 2016

The CFTC filed a civil enforcement action against Florida-based Defendants KB Concepts Group, LLC (d/b/a) Apex Asset Advisors, LLC, and Kelvin Burgos, alleging that they engaged in illegal, off-exchange transactions in precious metals with retail customers on a leveraged, margined, or financed basis.  CFTC

September 20, 2016

Raja Michael Mawad and his company, RNS Holdings LP, a Texas corporation headquartered in Houston, Texas, agreed to pay more than $389,000 to settle charges that they engaged in fraud upon participants in a commodity pool they operated and for failing to file required annual reports.  CFTC

September 8, 2016

The CFPB fined Wells Fargo Bank, N.A. $100 million for the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts.  Wells Fargo employees opened more than 200 million accounts that may not have been authorized.  In addition to the $100 million CFPB penalty, the largest the CFPB has ever imposed, Well Fargo will pay full restitution to the victims and two other penalties totaling $85 million.  CFPB

September 1, 2016

The U.S. District Court for the District of Nevada ordered My Global Leverage, LLC, which did business in Las Vegas, Nevada, and its owner and managing member Toney Blondo Eggleston, who resided in Las Vegas and Newport Coast, California, to pay over $1.4 million in penalties and restitution for engaging in illegal, off-exchange precious metals transactions.  CFTC

September 1, 2016

The CFTC announced that a trial against Robert Escobio of Miami, Florida, and his companies Southern Trust Metals, Inc. and Loreley Overseas Corporation, has resulted in a final judgment requiring defendants to pay almost $2.5 million in restitution and penalties for engaging in a precious metals scheme and an unregistered futures scheme.  CFTC

August 26, 2016

The SEC charged the California-based company Enviro Board Corporation and its two co-chairmen/CEOs Glenn Camp and William Peiffer with using baseless financial projections and other misleading statements to defraud investors in their venture to manufacture environmentally-friendly building materials.  The SEC alleges that the defendants raised approximately $6 million over a four-year period by using documents predicting company earnings of $18 million to $95 million per year.  The SEC alleges that they lacked any reasonable basis for these estimates.  The defendants made additional misstatements and omissions to fraudulently induce investment.  Meanwhile, according to the SEC’s complaint, Camp and Peiffer and their primary salesman, Joshua Mosshart, paid themselves approximately $2.6 million in compensation. Mosshart is charged with selling unregistered securities and acting as an unregistered broker.  SEC