Tue, Jul 7, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

$4.5m in fines ordered as CFTC brings spate of enforcement actions

Wednesday, October 24, 2012

Bailey McCann, Opalesque New York: The Commodities Futures Trading Commission (CFTC) announced a round of enforcement actions today totaling some $4.5m in fines. Three separate actions involved financial market participants engaged in either forex or commodities fraud in the US.

A federal court order has been requiring defendants Robert A. Christy of Milton, Ga., and his company, Crabapple Capital Group LLC of Alpharetta, Ga., to pay over $2.6 million in monetary sanctions for foreign currency (forex) fraud. In this case the court found that Christy defrauded 22 individuals who contributed $1,416,000 to an investment pool operated by Crabapple to trade forex. The order states that over the course of several years from 2008-2011, Christy represented that his firm had a strong track record of forex trading when, in fact, he'd sustained consistent losses. He then used investor contributions to fund his own lifestyle and personal checking account while making false representations to them and the NFA. Christy and his firm were initially charged with this fraud in April.

In a second action, the CFTC noted that it simultaneously filed and settled charges against David Kaup of San Gabriel, California, and his California-based companies, Lunden Forex Partners, LP, Lunden Forex Management, LLC, Black Horse Funds, LLC, Black Horse Management, LLC, and Black Horse Partners, LP. The charges alleged that Kaup defrauded investors out of approximately $1.4m by misrepresentin......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: New systematic strategy managed alongside research firm outperforms S&P500[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: An emerging CTA manager explains how he runs his strategy, which is based on an index produced by a research firm. Peter Turk is head of

  2. Opalesque Exclusive: New systematic strategy embraces machine learning[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: The founder of a New York-based systematic trading firm, which offers a hybrid between alpha strategies and alternative feta at lower fees, describes his approa

  3. Larry Robbins' hedge fund Glenview buys 1m Tenet Healthcare shares[more]

    Komfie Manalo, Opalesque Asia: Glenview Capital Management said it bought an additional 979,482 shares at Tenet Healthcare Corp valued at $53.80 million, raising its stakes in the healthcare services company to 15.16%, reported

  4. Legal - Grayson’s hedge funds under scrutiny for possible ethics violations, Court rejects hedge fund’s motion to block merger of Samsung affiliates[more]

    Grayson’s hedge funds under scrutiny for possible ethics violations From Freebeacon.com: Rep. Alan Grayson is finding himself in hot water over managing hedge funds that bear his name, actions that are in possible violation of House ethics rules. Sitting members of Congress are prohibite

  5. Hedge funds decline in June as stocks tumble on Greek woes[more]

    From Bloomberg.com: Hedge funds posted losses across strategies last month as uncertainty over whether Greece will remain in the euro sent global stock markets tumbling. Winton Capital Management declined about 3.1 percent in June in its $12.1 billion Winton Futures Fund, leaving it down 1.9 percent

 

banner