Quatloos! > Investment Fraud > FOREX Scams > Enforcement Actions > Archives > 1998

Press Release Archives
(1998)

December

• Florida Court Issues Asset Freeze and Appoints Receiver in CFTC Action Charging Fraudulent Commodity Pool; CFTC Charges Michael Colton and Future-Comm Trading With Defrauding Customers Through Personal Solicitations and an Internet Site, 4221-98, December 23, 1998.

• California Federal Court Enters Permanent Injunction Against Linton Samaru in Case Charging Nationwide Telemarketing Scheme Involving Precious Metals, 4219-98, December 22, 1998.

• CFTC Files Administrative Complaint Against First Options of Chicago, Inc., Charging Recordkeeping Violations, 4218-98, December 22, 1998.

• CFTC Files Enforcement Action Alleging Fraud by Steven G. Soule of Atlanta, GA and Aiding and Abetting Fraud by Kyler F. Lunman II of Rumson, NJ and Hold-Trade, Inc., a/k/a Hold Trade, Ltd. of Red Bank, NJ, 4217-98, December 22, 1998.

• CFTC's ALJ's Initial Decision On Remand Revokes Registration of Michael F. Staryk, Orders Him to Pay Civil Penalty of $1,327,500 and Imposes Permanent Trading Ban, 4216-98, December 21, 1998.

• Kentucky District Court Enters Consent Order of Permanent Injunction Against Charles Nicholas Barth in Commodity Pool Fraud Case, 4215-98, December 17, 1998.

• Commodity Futures Trading Commission Announces Its Participation in Department of Justice and FBI Telemarkting Fraud Initiative, 4214-98, December 17, 1998.

• CFTC ALJ Denies Todd Alan Thomas Relief from Default, Finds Fraud in Solicitations of Commodity Options Customers, 4212-98, December 3, 1998.

• Florida Federal Court Enjoins Richard Maseri and Private Research   Inc. From Violations of the Commodity Exchange Act, and Orders Masteri to Pay Over $552,000 and Private Rsearch to Pay Over $239,000 in Restitution to Customers,  4210-98, December 2, 1998.

November

• CFTC Files Complaint and Obtains an Asset Freeze Against Defendants in Illinois Accused of Commodity Fraud, 4208-98, November 24, 1998.

• CFTC ALJ Enters Cease and Desist Order and 10-Year Trading Ban Against Shahrokh Nikkhah For Trade Practice Violations, 4207-98, November 18, 1998.

• New York District Court Orders Disgorgement of $2.6 Million in Frontrunning Scheme and Bars Thomas E. Kelly, Andrew David Rhee, adn Reflex Asset Management Corporation From the Futures Industry, 4206-98, November 18, 1998.

• CFTC ALJ Finds Grain Land Cooperatives Entered Into Illegal Off-Exchange Futures Contracts, 4205-98, November 17, 1998.

• CFTC Releases Consumer Advisory Warning on Sales Pitches Based on Seasonal Demand and Other Public Information, 4204-98, November 3, 1998.

• CFTC Issues Order Finding Henry & Horne, PLC, an Accounting Firm, Engaged In Improper Unprofessional Conduct, 4203-98, November 2, 1998.

October

• CFTC Issues Order Finding Anatoly Osadchy a/k/a Anthony Osadchy, An Accounant, Engaged in Impropoer Unprofessional Conduct, 4202-98, October 29, 1998.

• CFTC Issues Order Finding That David Green Committed Numerous Violations In Operation of Commodity Pool, 4201-98, October 29, 1998.

• Hawaii Court Finds That Brien Sullivan, A Defendant In A 1997 CFTC Enforcement Action, Defrauded Customers in Connection With Managed Accounts And A Commodity Pool He Controlled, 4197-98, October 20, 1998.

• CFTC Charges Bethesda, Maryland Firm and Their Principal with Fraud and Sale of Illegal Off-Exchange Foreign Currency Futures Contracts in International Foreign Currency Trading Scheme, 4195-98, October 6, 1998.

September

• CFTC Accepts Settlement Offer of Terry A. Dirksen Arising From Marketing of So-Called"Hedge-To-Arrive" Contracts, 4194-98, September 28, 1998.

• CFTC Administrative Law Judge (ALJ) Finds That Jerry W. Slusser, Hans J. Brinks, and Two Indiana Corporations Violated the Anti-Fraud Provisions of the Federal Commodity Law, 4187-98, September 4, 1998.

August

• US District Court for the Northern District of Alabama Enters Consent Order of Preliminary Injunction Against Two Defendants in Alabama Commodity Pool Fraud Case, 4184-98, August 27, 1998.

• CFTC Accepts Settlement Offer of Competitive Strategies for Agriculture, Ltd.; CSA Investor Services, Inc.; and Lee D. Amundson Arising From Marketing of So-Called "Hedge-To-Ariive" Contracts, 4182-98, August 25, 1998.

• CFTC Enforcement Action Alleging Fraud, Registration and Regulatory Violations by International Futures Corporation, an Introducing Broker in Washington, D.C., As Well As Failure to Supervise Diligently by Its Futures Commission Merchant, LIT Division of First Options of Chicago, 4179-98, August 17, 1998.

• Indiana Court Enters Preliminary Injunction in CFTC Enforcement Action Against Six Defendants Charged with Commodity Pool Fraud, 4178-98, August 13, 1998.

• CFTC Files Seven-Count Enforcement Action and Obtains an Asset Freeze Against New York  Curency Exchange Corporation, New York Currency Research Corporation, and Michael T. Matejka in Illegal Currency Futures Fraud Case, 4177-98, August 12, 1998.

July

• Oregon District Court Issues Permanent Injunction Against michael Myatt, Pragmacapital Corp., and Berkshire International Hedge Fund, All of Beaverton, Oregon, Ordering Restitution to Defrauded Investors, 4172-98, July 28, 1998.

• CFTC Files Civil Anti-Fraud Action Against Thomas Edward Kelly, Andrew David Rhee and Reflex Asset Management Corporation, 4171-98, July 23, 1998.

• CFTC Accepts Settlement Offer of Frank J. Mazzara, 4168-98, July 15, 1998.

• CFTC Files Complaint in Alabama and Obtains an Asset Freeze Against Seven Defendants Accused of Commodity Fraud, 4166-98, July 13, 1998.

• New York Court Finds That AVCO Financial Corp. and Anthony Vartuli Defrauded Over 1,000 Customers in Connection with the Sale of Futures Trading Computer Software, and Directs Them to Disgorge $4.1 million, 4164-98, July 8, 1998.

• Georgia District Court Issues Pemranent Injuction Against Christopher C. Schafer in CFTC's Civil  Atni-Fraud Action; Schafer is Ordered to Pay Restitution to Defrauded Investors July 1, 1998

June

• CFTC Accepts Settlement Offer of Lawrence J. Bilello, 4161-98, June 30, 1998.

• Texas Court Enters Consent Orders of Permanent Injunction Against Christopher C. Schafer and A.R.S. Financial Services; Schafer Ordered to Pay Restitution to Defrauded Investors, <a href="> 4158-98, June 16, 1998.

• Court Issues Contempt Order Against Shaun Schlossmacher for Failing to Comply with Order Requiring Accounting, 4153-98, June 8, 1998.

• CFTC Files Complaint and Obtains An Asset Freeze Against Defendants in Indiana Accused of Commodity Fraud, 4152-98, June 8, 1998.

• New York Federal Court Enters Permanent Injunction Against S. David Friedman, Intercap International, Inc., and the Whitehall Trust in CFTC Anti-Fraud Enforcement Action, 4151-98, June 8, 1998.

• CFTC Charges Joseph J. Marchiano, Hartford Financial Group, Inc., Keri L. Stewart, Glenn R. Taubman, and Gary V. Valletta in Florida Federal District Court with Violations of   A Commission Order and Registration Provisions, 4150-98, June 2, 1998.

• Michigan District Court Permanently Bars Meca International Inc., Gary Berus and Patricia Gale from the Futures Industry, 4149-98, June 2, 1998.

May

• California Court Enters $1.1 Million Judgment Against 2 Redondo Beach, CA, Ponzi Scheme Operators in CFTC Enforcement Action, 4147-98, May 12, 1998.

• CFTC Files and Settles Action Against Sumitomo Corporation For Manipulating the Copper Market in 1995-96, 4144-98, May 11, 1998.

April

• CFTC Files Enforcement Action Against Todd Alan Thomas of  Florida Alleging Fraud in Soliciting Commodity Option Customers, 4139-98, (CFTC Docket No. 98-13), April 28, 1998.  Text of the complaint.

• CFTC Accepts Settlement Offer of Gloria Albino of Miami, Florida, Finding That She Engaged in Commodity Fraud, 4136-98, April 23, 1998.

• CFTC Files Civil Anti-Fraud And Registration Charges In Vermont Federal District Court Against Thomas B. O'Connell In Connection With The Sale Of Commodity Futures To The Public 4133-98, April 8, 1998.

• CFTC Files Enforcement Action Against Henry & Horne, PLC, an Accounting Firm, And Two Of Its Accountants 4132-98, April 8, 1998.

• CFTC Files Administrative Complaint Against John F. Ackerman and Sterling Investments of America, Charging Solicitation Fraud and Unauthorized Trading, 4131-98 (CFTC Docket No. 98-9), April 3, 1998.

• CFTC Files Administrative Complaint Against CMB Capital Management Corp., Grace Hsu, and Allen Tsui, Charging Fraud by Unauthorized Trading and Failure to Disclose Trading Risks, Among Other Violations of Federal Commodity Law and CFTC Regulations, 4130-98 (CFTC Docket No. 98-10), April 2, 1998.

• Tennessee Court Issues Permanent Injunction in CFTC Enforcement Action Against Ronald Barback of Knoxville, 4128-98 (Civ 3-97-638), April 1, 1998

March

• CFTC Files Complaint and Obtains an Ex Parte Asset Freeze Against Eight in Utah Accused of Commodity Fraud, 4129-98 (Civ-98-Civ-00216J), March 31, 1998.

• CFTC Releases Consumer Advisory on Foreign Currency Trading Fraud, 4127-98, March 30, 1998.

• New York Court Orders Defendants To Pay Nearly $4.2 Million in Civil Penalties, and Orders Restitution to Customers in the CFTC's Anti-Fraud Enforcement Action Against Titlis International Inc., 4121-98 (95 Civ. 5416), March 16, 1998

• CFTC Institutes Proceedings and Makes Findings Against Gary S. Antonacci of Richmond, California, 4119-98 (CFTC Docket No. 98-8), March 11, 1998.

• CFTC Files Administrative Complaint Against James W. Bradshaw d/b/a Neural-Tech Capital Management of Greenwich, CT, Charging Solicitation Fraud and Account Churning, Among Other Allegations of Federal Commodity Law and CFTC Regulations, 4120-98 (CFTC Docket No. 98-6), March 11, 1998.

• CFTC Charges Hanover Trading Corp. and Dupont Group, Inc. Both of New York, the President Michael Singer, and a Salesperson in Nationwide Telemarketing Scheme Involving the Fraudulent Sale of Illegal Off-Exchange Futures Contracts, 4116-98 (98-CIV-1365), March 10, 1998.  Text of complaint.

• CFTC Files Six-Count Administrative Complaint Against Abraham and Sons Capital, Inc. and Brett G. Brubaker of Colorado, Alleging That the Respondents Defrauded Commodity Pool Customers, 4115-98 (CFTC Docket No. 98-7), March 6, 1998.

February

• California Court Enteres Orders of Permanent Injunction Against California Telemarketing Firm, Its President, and Two Firm Employees; Orders Resititution Be Paid to Firm's Investors, 4111-98 (Civ 97-4443), February 19, 1998.

• CFTC Files Complaint Against Jack Dwight Cullen of Pradise, Texas, Alleging That He Committed A $174,000 Commodity Fraud and Obtains an Ex Parte Asset Freeze, 4110-98 (4-98-CV-0140A), February 18, 1998.

• Arizona Court Enters Order of Permanent Injunction and Restitution in CFTC and State of Arizona Enforcement Action Against United Metals Trading Corp., Western National Trading, and Anthony F. Andrews, of Scottsdale, Arizona, and Marvin C. Pendergraft, of Phoenix, Arizona, 4109-98 (CIV-96-2185), February 18, 1998.

• CFTC Files Complaint Against Thomas W. Lamar of Waterford, Michigan, Alleging That He Committed $2 million commodity Fraud, 4108-98 (Civ 98-70169), February 17, 1998. Text of the Complaint.

• Ohio Court Issues Permanent Injunction Against Jeffrey A. Smith of Westerville, Ohio, Ordering Him to Disgorge Ill-Gotten Gains, 4107-98 (C2-94-981), February 17, 1998.

• New York Court Issues Preliminary Injunctions Against William Sanchez and Brian Willis in CFTC Anti-Fraud Enforcement Action, Which Also Charges Worldwide Commodities Ltd. and Templar International Ltd, 4105-98 (97 Civ 5255), February 12, 1998.

• CFTC Institutes Proceedings Against William Koerner and IV Great River Corp. -- Both of Vero Beach, Florida -- Alleging Fraud and Simultaneously Settles the Charges, 4104-98 (CFTC Docket 98-5), February 9, 1998.

• CFTC Files Amended Complaint in CFTC v. FTI Financial Group Charging Four Additional Defendants in Ohio With Fraud, Among Other Violations of Federal Commodity Law, 4103-98 (CIV-97-C7061), February 9, 1998.

• CFTC Files Complaint Against James F. Bonney of Plover, Wisconsin Alleging that He Committed a $540,000 Commodity Fraud, 4102-98 (Civ 98-C0087C), February 5, 1998.

January

• RESPONDENTS ORDERED TO PAY $460,000 IN CIVIL FINES FOR ROLE IN INTERNATIONAL COMMODITY SCHEMES AND BARRED FROM THE COMMODITIES INDUSTRY FOR AIDING AND ABETTING FRAUD BY TWO GERMAN-BASED BROKERAGE FIRMS, 4096-98 (CFTC Docket 95-8 and 95-9), January 12, 1998.