Federal court issues emergency order freezing Linton’s assets and preserving books and records.
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that it obtained an emergency federal court order freezing the assets of defendant Anthony Eugene Linton of Tucson, Ariz., dba The Private Trading Pool. The court’s order also prohibits the destruction of books and records and grants the CFTC immediate access to such documents.
The order stems from a CFTC enforcement action filed on January 11, 2011, in the U.S. District Court for the District of Arizona, charging Linton with fraud and misappropriation of customer funds in connection with a Ponzi scheme involving off-exchange foreign currency (forex) trading.
Deloitte’s Banking Report Forecasts the Future of Social DistancingGo to article >>
Specifically, the CFTC complaint alleges that, from at least October 2007 to the present, Linton fraudulently solicited and accepted at least $650,000 from at least 19 customers for the purpose of trading off-exchange forex contracts. The complaint charges that Linton falsely represented to customers that they would receive a 100 percent annual return on their investments in The Private Trading Pool (PTP) and that the software trading system he developed allowed customers to “profit every time” from his forex trades.
Linton further allegedly misrepresented that there were “no risks whatsoever” associated with trading forex through PTP, that customer funds were accessible “within 24 hours” of a requested redemption and that customers could receive “their profits” by check monthly. However, what little forex trading Linton did using customer funds resulted in consistent net losses, and, in the aggregate, he lost more than 90 percent of the funds traded, according to the complaint.
The rest here.
var docstoc_docid="70004228";var docstoc_title="CFTC Charges Anthony Eugene Linton with Operating a Forex Ponzi Scheme ";var docstoc_urltitle="CFTC Charges Anthony Eugene Linton with Operating a Forex Ponzi Scheme ";
CFTC Charges Anthony Eugene Linton with Operating a Forex Ponzi Scheme