CFTC Revokes Altamont Global’s License to Prevent ‘Any More Fraud’

A fraudulent money manager who duped clients for at least $18 million has seen its license revoked by the US financial regulator. The CFTC CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss Read this Term reported that it had retraced Altamont Global Partners' license after the firm was found guilty of running a Ponzi Scheme Ponzi Scheme A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and Read this Term.

The regulator’s decision comes after thorough investigations that show that the firm was involved in a number of breaches. The case dates back to 2012 when the regulatory ceased the firm’s assets. The case has been on-going and the CFTC has been issuing Orders against the firm. In 2013, the watchdog issued a permanent trading ban against the firm and Wilkins.

In the latest Order, the CFTC stated: “The CFTC announced the revocation of the registrations of Altamont Global Partners LLC (AGP) of Longwood, Florida and its owner, John G. Wilkins, formerly of Chuluota, Florida. AGP was registered with the CFTC as a Commodity Pool Operator, and Wilkins was registered as an Associated Person of AGP.”

Wilkins has been involved in a number of wrong-doings, including mail and wire fraud. The legal authorities based their latest decision that Wilkins was subject to statutory disqualification based on previous charges for conspiracy to committing mail fraud and wire fraud in connection with these same activities.