Fraudulent Commodity Trader Gets $7.5 million Fine
A federal court in Illinois has ordered a fraudulent money manager to pay $7.5 million in restitution. Chicago based Bradley

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.
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It sounds like it means that if you interpolate the April numbers to a full year, they would do 300bn per year (or 25bn/month). Apparently its indeed picking up. It looks like they did ~14bn per month on average for the last 6 months (85/6) and if April was 25bn its an uptrend. But even at 25bn it doesnt sound very sustainable. If you count $25 per million USD traded (their standard commission fee) it works out to $625K per month, and they dont get the full $25. They need to pay LCH for each cfd transaction, and some clients… Read more »