Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

CFTC Charges Firm With Fraud for Operating Ponzi Scheme

Jaclyn Jaeger | September 23, 2014

The U.S. Commodity Futures Trading Commission filed a federal civil enforcement action today in which it charged Executive Management Advisors and its sole principal with fraud and embezzlement for operating a Ponzi scheme.

The CFTC’s complaint, filed in the U.S. District Court for the Southern District of Ohio, charges that Executive Management Advisors and its sole principal, John Bullar, while acting as Commodity Pool Operators (CPOs) and Commodity Trading Advisors (CTAs), fraudulently solicited over $8.3 million from at least 40 investors for pooling and trading in futures and options; provided participants with false account statements; embezzled and misappropriated participants’ funds; and acted as CPOs and CTAs while failing to register as such with the CFTC.

The CFTC complaint alleges that the defendants represented to participants that their funds would be pooled in a managed account...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.