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April 13, 2018

Posted  April 13, 2018

The CFTC announced that Judge Paul L. Maloney of the U.S. District Court for the Western District of Michigan entered a Consent Order for Permanent Injunction (Consent Order) and an Order regarding a personal trading ban (Supplemental Order), which resolve charges against Defendant Jerry Stauffer, who resided in Traverse City, Michigan, for operating a fraudulent off-exchange foreign currency (forex) pool scheme.

The February 13, 2018 Consent Order stems from a CFTC Enforcement Complaint filed on February 25, 2015 (see CFTC Complaint and Press Release 7131-15). The Consent Order finds that Stauffer, individually and while acting as a commodity pool operator, fraudulently solicited, issued false statements and misappropriated pool participant funds in connection with the operation of a commodity pool from June 2010 to February 2015. According to the Consent Order, Stauffer guaranteed pool participants’ principal investment against risk of loss and further guaranteed profits on those investments. To perpetuate the fraud, Stauffer issued false account statements to pool participants that represented purported profits. CFTC