Tennessee Couple Defrauded Over 100 Victims in Commodity Pool Scam

By Markus David

Director of Professional Services

A Tennessee couple has been charged by the U.S. Commodity Futures Trading Commission (CFTC) for allegedly running a fraudulent commodity pool scheme that defrauded over 100 victims of more than $10 million.

According to the CFTC complaint, a couple in Nashville, Tennessee solicited funds from investors to trade futures and options contracts on commodities such as gold, silver, crude oil, and natural gas. The couple claimed to have extensive experience and success in trading commodities and promised high returns with low risk.

However, the CFTC alleges that the couple did not use the investors’ funds for trading, but instead misappropriated them for their personal expenses, such as luxury cars, vacations, jewelry, and gambling. The couple also allegedly fabricated account statements and trade confirmations to conceal their fraud and deceive their investors.

The CFTC is seeking restitution, disgorgement, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against the couple and any entities they control or are affiliated with.

The CFTC warns the public to be wary of commodity pool operators or trading advisors who make unrealistic or exaggerated claims about their performance or experience, and to verify their registration status and disciplinary history before investing with them.

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