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May 30, 2017

Posted  May 30, 2017

The U.S. Commodity Futures Trading Commission (CFTC) announced that Judge Cecilia M. Altonaga of the U.S. District Court for the Southern District of Florida entered a final Order of Default Judgment (Order) against Defendants Kelvin Burgos and his company K.B. Concepts Group, LLC d/b/a Apex Asset Advisors, LLC (K.B. Concepts) for engaging in illegal, off-exchange precious metals transactions. Burgos, a resident of Florida, was the owner and principal of K.B. Concepts, which operated its metals business under the name Apex Asset Advisors, LLC. The Court’s Order stems from a CFTC civil enforcement action filed against the Defendants on September 20, 2016 (see CFTC Complaint and Press Release 7448-16). The Court’s Order requires Burgos and K.B. Concepts to pay, jointly and severally, $121,591.10 in disgorgement and a $364,773.30 civil monetary penalty. The Order also imposes permanent trading, solicitation, and registration bans against Burgos and K.B. Concepts, and prohibits them from engaging in illegal, off-exchange precious metals transactions, as charged. CFTC

Tagged in: Fraud in CFTC-Regulated Markets, Regulatory Violations,