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Tag: CFTC

PAT KILEY: ‘There Seems To Be Some Distortions’ In SEC Recordings Of Radio Show; Meanwhile, Accused Schemer Says Trevor Cook ‘Acted Like Pontius Pilate’

In pro se court filings, accused Minnesota schemer Pat Kiley says recordings of his radio show presented on CD for his examination and verification by the SEC in the civil case against him are unreliable. Meanwhile, Kiley described his civil co-defendant Trevor Cook as acting “like Pontius Pilate,” the Roman prefect many Christians believe authorized…

May 26, 2011
DEVELOPING STORY: Purported Belgian Financial Firm That Used Acronym ‘LOFL’ May Be At Center Of International Mystery; Website Vanishes Amid Bizarre Circumstances After Flurry Of News Releases

DEVELOPING STORY: A financial firm purportedly headquartered in Belgium quickly may become a source of international intrigue as regulators seek to piece together clues to solve what appears to be an evolving mystery. For starters, the company — Landen Options and Futures — used the acronym LOFL on its website, according to search results accessible…

May 24, 2011
‘Offensive’ Claim Prompts Accused Schemer Pat Kiley To Ask Judge To Sanction Government Attorney And Award Cash To, Well . . . Pat Kiley

The civil litigation in the $194 million Trevor Cook Ponzi and Forex caper has taken a strange turn. Former radio host Pat Kiley, a Cook co-defendant in civil cases brought by the SEC and CFTC, has filed a pro se pleading asking Chief U.S. District Judge Michael J. Davis to order David Slovick, an attorney…

May 22, 2011
BULLETIN: Feds Make Criminal Bust In Alleged Forex Fraud; Nicholas Cox Of Integra Capital Management LLC Arrested In North Carolina; Allegations In Companion Civil Case Destroy Myth That Companies That Issue 1099s Could Not Possibly Be Operating Scams

A North Carolina man sued by the CFTC last year in an alleged $3 million Forex and commodities Ponzi scheme now has been arrested by federal agents on criminal charges. The allegations in the case destroy a myth advanced by financial hucksters and shills that a company that issues 1099 tax forms could not possibly…

May 19, 2011
KABOOM! CFTC/FTC Cases Against American Precious Metals LLC Were Part Of Broader Effort By New Task Force Operating In South Florida; Feds, State Throw Down Gauntlet Against Scammers

Kaboom! It turns out that the cases announced this week against American Precious Metals LLC (APM) by the CFTC and FTC were part of a geographically localized law-enforcement initiative that sprouted from “Operation Broken Trust,” a major national initiative undertaken last year by the U.S. Department of Justice and partner agencies as part of the…

May 19, 2011
BREAKING NEWS: FLORIDA — AGAIN: CFTC Says Sammy J. Goldman, Harry Robert Tanner Jr. And Their Firm Ran $23 Million ‘Precious Metals’ Scam; Case Is Third Such Action In 7 Weeks

BULLETIN: In the third such action in the United States since March 30, the CFTC has gone to federal court in Florida to block what it described as a “precious metals” scam that incorporated fictitious trading. Charged with fraud in the case were Sammy J. Goldman of Delray Beach, Fla., and Harry Robert Tanner Jr.…

May 17, 2011
CFTC: Michigan Man Sucked Church Members Into Forex Ponzi Scheme; Jeffery L. Groendyke Sued For Fraud

A Michigan man has been sued for fraud and misappropriation in yet-another alleged Forex Ponzi scheme, the CFTC said. Jeffery L. Groendyke of the Grand Rapids-area community of Middleville, Mich., gathered at least $953,305 since May 2010 and ripped off at least 54 customers through his at-home business known as JG Forex Fund (JGF), the…

May 4, 2011
BULLETIN: Feds, CFTC File Stunning Allegations Of Multimillion-Dollar Fraud Against Purported Forex Trader Who Filed Bizarre Documents In NFA Disciplinary Case; Lyndon Lydell Parrilla Arrested In California

A California man who allegedly once defended himself in a disciplinary case by advising the National Futures Association that he was “a living breathing free Man upon the free soil” and an “American citizen of the American Republic” has been arrested by federal agents on charges of defrauding investors of $5 million in a Forex…

Apr 13, 2011
A FLORIDA TRIFECTA: FTC Goes To Federal Court To Halt ‘Timeshare’ Telemarketing Scheme; ‘When Consumers Realized They Had Been Duped, The Defendants Routinely Dodged . . . Phone Calls,’ Agency Says

BULLETIN: Even as the SEC and CFTC were charging alleged Ponzi schemers and “precious-metal” fraudsters in Florida yesterday, the FTC was preparing to announce charges against an alleged “timeshare” telemarketing scheme operating in the Sunshine State. Charged by the FTC in the alleged timeshare scam were Albert M. Wilson, David S. Taylor, Frank M. Perry…

Mar 31, 2011
INCREDIBLE: Florida — AGAIN: CFTC Charges Ft. Lauderdale Firm, Principals In Alleged Precious-Metals Scam; ‘Defendants Never Held Or Acquired Any Metals,’ Agency Says

On the same day the SEC announced charges against two residents of South Florida in an alleged $30 million Ponzi scheme, the CFTC went to federal court and accused two other residents of the region of conducting a precious-metals scheme. Charged by the CFTC were James A. Ward of Ft. Lauderdale, and Nathaniel R. Walker…

Mar 31, 2011
BULLETIN: OLINT’S David A. Smith Pleads Guilty In $220 Million Ponzi Scheme; International Forex Caper Laundered $128 Million, Feds Say

BULLETIN: David A. Smith, who presided over a $220 million Forex fraud known as OLINT, has pleaded guilty in U.S. District Court for the Middle District of Florida. Smith, 41, is a citizen of Jamaica. He “executed a Ponzi scheme to defraud over 6,000 investors located in the Middle District of Florida and elsewhere out…

Mar 29, 2011