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Alternative Market Briefing

CFTC acuses AlphaMetrix of fraud, files suit

Wednesday, November 06, 2013

Bailey McCann, Opalesque New York:

The Commodities Futures Trading Commission (CFTC) has filed a complaint in the a U.S. District Court in Chicago accusing AlphaMetrix Group of fraud. The regulator alleges that the company agreed to rebate fees back to participants in the commodity pools between January 1 and October 31 of this year, but instead reinvested that money in the parent company.

AlphaMetrix has some 90 commodity pools, amounting to $700m of assets under management, but the company started to alert investors to cash-flow problems in recent weeks. Opalesque reported last week that the company would liquidate funds on its platform and continue on as an events hosting company focusing on its successful financial services conferences. In October, the National Futures Association ordered AlphaMetrix to pay $.6m in fee rebates to pool participants. The complaint comes on the heels of this news and indicates more trouble may be ahead.

According to Bloomberg BusinessWeek, both AlphaMetrix and AlphaMetrix Group are named in the complaint for two separate issues - Alphametrix LLC is......................

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