CFTC Charges Florida Residents Philip Leon, Paul Rangel, and John Wilkins and Their Company, Altamont Global Partners LLC, with Fraud and Misappropriation. Defendants allegedly solicited approximately $13 million from approximately 198 participants in two investment pools.
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that on July 16, 2012, Judge Gregory Presnell, of the U.S. District Court for the Middle District of Florida, entered an emergency order freezing the assets of defendants Philip Leon of Altamonte Springs, Fla., Paul Rangel of Apopka, Fla., John Wilkins of Chuluota, Fla., and their company, Altamont Global Partners LLC (AGP), of Longwood, Fla. The order also prohibits the defendants from destroying or altering books and records. The judge set a hearing date for July 30, 2012.
The order arises from a CFTC federal court enforcement action filed on July 16, 2012, charging the defendants with futures, foreign currency (Forex), and options fraud, and misappropriation. The CFTC complaint also charges the defendants with making false statements to the National Futures Association (NFA). AGP and Wilkins are registered with the CFTC and are NFA members.
The complaint alleges that since at least March 2009 until at least June 22, 2012, defendant AGP — owned and operated by Leon, Rangel, and Wilkins — solicited approximately $13 million from approximately 198 participants who invested in two investment pools operated by AGP: The McKinley Fund, LLC (McKinley) and The Matterhorn Fund, LLC (Matterhorn). These pools traded futures, options, and off-exchange forex contracts, according to the complaint. The defendants allegedly misappropriated more than $5.2 million of pool funds, using the funds to cover AGP’s operating expenses, commission Payments, travel, meals, entertainment expenses, $140,000 in credit card payments for Leon’s wife, and at least one loan AGP made to Leon. The misappropriation also allegedly included the use of pool funds to pay “loans” and “advances” of approximately $1,419,000 to Leon, $615,000 to Rangel, and $651,000 to Wilkins.
To perpetuate their fraud and misappropriation, the defendants allegedly prepared and distributed false quarterly account statements to pool participants that purported to show pool participants earning profits on their investments. According to the complaint, as of the quarter ending March 31, 2012, AGP issued quarterly statements to pool participants that, collectively, showed that the Matterhorn pool participants’ interests were approximately $10 million, and the McKinley pool participants’ interests were approximately $6.5 million. However, in actuality, as of March 31, 2012, the value of all assets held by Matterhorn was approximately $1 million and the value of all assets held by McKinley was approximately $2.2 million, according to the complaint.
AGP and Wilkins allegedly attempted to hide their fraud from the NFA. During a June 2012 examination, AGP and Wilkins allegedly provided the NFA with several oral and written false statements in an attempt to conceal the defendants’ trading losses and misappropriation of pool funds. Notably, AGP and Wilkins provided the NFA with false balance sheets stating that, as of March 31, 2012, Matterhorn had a purported net asset balance of $9.9 million and McKinley had a purported next asset balance of $6.5 million, according to the complaint. Eventually, Wilkins admitted to NFA staff that AGP had been providing falsely inflated quarterly statements to Matterhorn and McKinley pool participants since 2009, according to the complaint.
In its continuing litigation, the CFTC seeks civil monetary penalties, restitution, rescission, disgorgement of ill-gotten gains, trading and registration bans, and preliminary and permanent injunctions against further violations of the federal commodities laws, as charged.
CFTC Charges Florida Residents Philip Leon, Paul Rangel, and John Wilkins and Their Company, Altamont Global Partners LLC, with Fraud and Misappropriation. Defendants allegedly solicited approximately $13 million from approximately 198 participants in two investment pools.
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that on July 16, 2012, Judge Gregory Presnell, of the U.S. District Court for the Middle District of Florida, entered an emergency order freezing the assets of defendants Philip Leon of Altamonte Springs, Fla., Paul Rangel of Apopka, Fla., John Wilkins of Chuluota, Fla., and their company, Altamont Global Partners LLC (AGP), of Longwood, Fla. The order also prohibits the defendants from destroying or altering books and records. The judge set a hearing date for July 30, 2012.
The order arises from a CFTC federal court enforcement action filed on July 16, 2012, charging the defendants with futures, foreign currency (Forex), and options fraud, and misappropriation. The CFTC complaint also charges the defendants with making false statements to the National Futures Association (NFA). AGP and Wilkins are registered with the CFTC and are NFA members.
The complaint alleges that since at least March 2009 until at least June 22, 2012, defendant AGP — owned and operated by Leon, Rangel, and Wilkins — solicited approximately $13 million from approximately 198 participants who invested in two investment pools operated by AGP: The McKinley Fund, LLC (McKinley) and The Matterhorn Fund, LLC (Matterhorn). These pools traded futures, options, and off-exchange forex contracts, according to the complaint. The defendants allegedly misappropriated more than $5.2 million of pool funds, using the funds to cover AGP’s operating expenses, commission Payments, travel, meals, entertainment expenses, $140,000 in credit card payments for Leon’s wife, and at least one loan AGP made to Leon. The misappropriation also allegedly included the use of pool funds to pay “loans” and “advances” of approximately $1,419,000 to Leon, $615,000 to Rangel, and $651,000 to Wilkins.
To perpetuate their fraud and misappropriation, the defendants allegedly prepared and distributed false quarterly account statements to pool participants that purported to show pool participants earning profits on their investments. According to the complaint, as of the quarter ending March 31, 2012, AGP issued quarterly statements to pool participants that, collectively, showed that the Matterhorn pool participants’ interests were approximately $10 million, and the McKinley pool participants’ interests were approximately $6.5 million. However, in actuality, as of March 31, 2012, the value of all assets held by Matterhorn was approximately $1 million and the value of all assets held by McKinley was approximately $2.2 million, according to the complaint.
AGP and Wilkins allegedly attempted to hide their fraud from the NFA. During a June 2012 examination, AGP and Wilkins allegedly provided the NFA with several oral and written false statements in an attempt to conceal the defendants’ trading losses and misappropriation of pool funds. Notably, AGP and Wilkins provided the NFA with false balance sheets stating that, as of March 31, 2012, Matterhorn had a purported net asset balance of $9.9 million and McKinley had a purported next asset balance of $6.5 million, according to the complaint. Eventually, Wilkins admitted to NFA staff that AGP had been providing falsely inflated quarterly statements to Matterhorn and McKinley pool participants since 2009, according to the complaint.
In its continuing litigation, the CFTC seeks civil monetary penalties, restitution, rescission, disgorgement of ill-gotten gains, trading and registration bans, and preliminary and permanent injunctions against further violations of the federal commodities laws, as charged.
iFOREX Adds Saudi and South Korean Equity CFDs as IPO Is Delayed
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
