December 19, 2016
Posted December 19, 2016
Convergent Wealth Advisors LLC was ordered to pay an $800,000 civil monetary penalty by the CFTC for fraudulent omissions and false statements in connection an employee’s commodity pool. The fraudulent representations were made by David Zier who solicited Convergent clients for investment in his company ZAM LLC. Zier made false representation about ZAM’s performance saying it was profitable and producing false performance data. CFTC.
Tagged in: Fraud in CFTC-Regulated Markets,