Fraud

CFTC seeks to revoke registrations of Gordon Driver and Axcess Fund Management

The US Commodity Futures Trading Commission has filed a notice of intent to revoke the registrations of Gordon A Driver and Axcess Fund Management.

Driver, a resident of Las Vegas, Nevada, is registered with the CFTC as an associated person and is the sole principal of Axcess Fund, which is a registered commodity pool operator.

The CFTC’s notice alleges that Driver and Axcess Fund are subject to statutory disqualification from CFTC registration based on the 5 July 2012 summary judgment order and the 12 July 2012 final judgment and permanent injunction order entered by the US District Court for the Central District of California.

The summary judgment order and final judgment find that the defendants fraudulently solicited over USD14.3m from over 100 pool participants, made materially false and misleading statements or omissions of facts to pool participants, and misappropriated approximately USD10.6m for Ponzi-type payments and personal expenses.

The final judgment order imposes permanent trading and registration bans against the defendants and orders them to pay restitution of more than USD9.5m and a USD31.8m civil monetary penalty. The final judgment also permanently prohibits the defendants from violating the Commodity Exchange Act and CFTC regulations, as charged.

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