The US Commodity Futures Trading Commission has obtained USD260,000 in civil monetary penalties and equitable relief in separate federal judgment orders against Steven Leigh Shakespeare and his company Guardian Futures, a Texas introducing broker.
The orders of permanent injunction, entered by Judge Sam Sparks of the US District Court for the Western District of Texas, resolve a CFTC enforcement action filed in April 2009 which charged Shakespeare and Guardian Futures with fraud and unauthorised trading of customer accounts.
The orders find that, beginning on or about 20 November 2007, and continuing to at least 18 January 2008, Shakespeare and Guardian Futures engaged in fraud and unauthorised trading with regard to commodity accounts introduced by the defendants.
Specifically, the orders find that Shakespeare committed fraud and made misrepresentations and/or omissions of material fact and knowingly made unauthorised transactions in the accounts of Plains Grain Company and Evans Grain Marketing, held at futures commission merchant Alaron Trading.
The orders require Shakespeare and Guardian Futures each to pay a USD130,000 civil monetary penalty and permanently prohibit the defendants from engaging in any commodity-related activity and from registering with the CFTC in any capacity.
