US Legal & Regulation

The US Commodity Futures Trading Commission has charged Willie L. Cloud, Jr. and his investment company C & R Financial, both of Houston, Texas, with operating a Ponzi scheme in connection with foreign currency trading. »

The US Commodity Futures Trading Commission has obtained more than USD20.3m in civil monetary penalties and equity relief in a federal judgment order against David Michael Kogan and his company First Capitol Futures Group, both of Sherman Oaks, California, in an anti-fraud action. »

The US Commodity Futures Trading Commission has obtained an order against defendants One World Capital Group of Winnetka, Illinois and John Edward Walsh of Lake Forest, Illinois, requiring each to pay a USD260,000 civil monetary penalty for failing to demonstrate compliance with CFTC net capital requirements. »

The National Futures Association has revoked the registrations of Jeremy J. Grena, Nabil P. Niman, Nicholas P. Payne, William M. Rill and Alexander M. Silverman, former associated persons of Pioneer Commodities and Windsor Wealth Management, firms based in Boca Raton, Florida. »

The US Commodity Futures Trading Commission has obtained a preliminary injunction against Jay C. Nolan of Wilmette, Illinois and his company Lodge Capital Group of Northfield, Illinois for committing commodity pool fraud. »

The US Commodity Futures Trading Commission has charged Ronald W. Smith, Jr. of Vansant, Virginia, doing business as Safeguard 3030 Investment Club, with operating a Ponzi scheme involving the fraudulent solicitation of at least USD800,000 from at least 34 customers in connection with off-exchange foreign currency trading. »

The US Commodity Futures Trading Commission has issued an order imposing a USD1m penalty against Craig A. Riley of Ladera Ranch, California and his firm Pressio Capital Management for fraudulently operating a commodity pool and misappropriating pool participant funds. »

The US Commodity Futures Trading Commission has obtained an emergency federal court order freezing the assets of defendants Jay C. Nolan of Wilmette, Ill. and his company Lodge Capital Group, an Illinois limited liability company based in Northfield, Ill. »

Minnesota federal Chief Judge Michael J. Davis has incarcerated US Commodity Futures Trading Commission defendant Trevor G. Cook for violating the court’s asset freeze order against him by dissipating funds and failing to surrender more than USD35m in assets. »

The US Commodity Futures Trading Commission has filed and settled charges against Pinemore and Birchmore, two Canadian limited partnerships based in Alberta, Canada, for engaging in unlawful wash sales in the natural gas futures contract on the New York Mercantile Exchange during November and December 2006. »