A former floor broker from the United States has been found guilty of defrauding investors in a makeshift investment fund in commodities. Bradley Scott Schiller, from Chicago, has been ordered to pay more than $7.5 Million in Restitution and a Civil Monetary Penalty for the Multi-Million Dollar Commodity Futures Fraud.
Over a fifty-two month period, Schiller solicited clients making claims that he was a successful trader by showing counterfeit statements of his trading activity. Six investors fell into Schiller’s trap investing a total of $7.8 million. The Consent Order for Permanent Injunction (Order) from a Commodity Futures Trading Commission (CFTC) enforcement complaint highlighted that the fraudster had misappropriated client funds and created false statements in an attempt to cover up the fraud.
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In an announcement made by the country’s main financial regulator, the U.S. (CFTC), Judge Thomas M. Durkin of the U.S. District Court for the Northern District of Illinois entered an Order requiring the defendant Bradley Scott Schiller to pay restitution of approximately $4.565 million and a civil monetary penalty of $3 million for commodity futures fraud. The Order also imposes permanent trading and registration bans, among other sanctions.