CFTC Censures Daniel K. Steele For $1.7 Million FX Fraud
by
Andrew Saks McLeod
The US Commodity Futures Trading Commission has today issued proceedings against mid-western FX firm Champion Management International and its owner Daniel K. Steele for carrying out a $1.7 million FX fraud.
The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of a civil complaint against defendants Daniel K. Steeleof Rolla,Missouri, and his firm Champion Management International, LLC. The company is a general partner & Commodity Pool Operator (CPO) of Oracle Forex Fund, LP which is a private offering into a hedge fund that trades currencies exclusively.
The CFTC’s complaint charges Mr. Steele with, among other things, engaging in an act or practice which operated as a fraud or deceit under Section 4o(1)(B) of the Commodity Exchange Act (CEA) for failing to disclose material information, including that defendants were acting as unregistered CPO for at least two commodity pools engaging in off-exchange retail FX transactions.
The complaint also charges Mr. Steele with failing to disclose that the counterparty to the retail FX transactions, that were offered or entered into with the respective pools, was not registered as a Retail Foreign Exchange Dealer (RFED).
In this case, the regulatory authority brings charges against Champion Management with acting as an unregistered CPO in connection with a third FX pool. The complaint further alleges that neither defendant has ever been registered with the CFTC in any capacity.
The complaint, filed on September 25, 2013, in the U.S. District Court for the Eastern District of Missouri Eastern Division, alleges that from at least February 28, 2011 until the present time, Mr. Steele individually and acting as an agent of Champion Management, solicited at least $1.7 million from at least 24 pool participants to participate in three FX pools.
The complaint further alleges that Mr. Steele, during the relevant period, failed to disclose material information to pool participants, that operated as a fraud in that neither he nor Champion Management were properly registered with the CFTC, and that he misappropriated a portion of pool participants’ funds.
On September 25, 2013, the same day the complaint was filed, Judge Rodney W. Sippel, of the U.S. District Court for the for the Eastern District of Missouri, entered under seal an emergency order freezing the defendants’ assets and prohibiting the destruction or alteration of books and records. The judge set a hearing date on the CFTC’s motion for a preliminary injunction for October 7, 2013.
In its continuing litigation, the CFTC seeks a return of ill-gotten gains, restitution, civil monetary penalties, trading and registration bans, and permanent injunctions against further violations of the federal commodities laws.
The CFTC has stated publicly that it appreciates the assistance of the Missouri Secretary of State, Securities Division and the United States Postal Inspection Service.
The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of a civil complaint against defendants Daniel K. Steeleof Rolla,Missouri, and his firm Champion Management International, LLC. The company is a general partner & Commodity Pool Operator (CPO) of Oracle Forex Fund, LP which is a private offering into a hedge fund that trades currencies exclusively.
The CFTC’s complaint charges Mr. Steele with, among other things, engaging in an act or practice which operated as a fraud or deceit under Section 4o(1)(B) of the Commodity Exchange Act (CEA) for failing to disclose material information, including that defendants were acting as unregistered CPO for at least two commodity pools engaging in off-exchange retail FX transactions.
The complaint also charges Mr. Steele with failing to disclose that the counterparty to the retail FX transactions, that were offered or entered into with the respective pools, was not registered as a Retail Foreign Exchange Dealer (RFED).
In this case, the regulatory authority brings charges against Champion Management with acting as an unregistered CPO in connection with a third FX pool. The complaint further alleges that neither defendant has ever been registered with the CFTC in any capacity.
The complaint, filed on September 25, 2013, in the U.S. District Court for the Eastern District of Missouri Eastern Division, alleges that from at least February 28, 2011 until the present time, Mr. Steele individually and acting as an agent of Champion Management, solicited at least $1.7 million from at least 24 pool participants to participate in three FX pools.
The complaint further alleges that Mr. Steele, during the relevant period, failed to disclose material information to pool participants, that operated as a fraud in that neither he nor Champion Management were properly registered with the CFTC, and that he misappropriated a portion of pool participants’ funds.
On September 25, 2013, the same day the complaint was filed, Judge Rodney W. Sippel, of the U.S. District Court for the for the Eastern District of Missouri, entered under seal an emergency order freezing the defendants’ assets and prohibiting the destruction or alteration of books and records. The judge set a hearing date on the CFTC’s motion for a preliminary injunction for October 7, 2013.
In its continuing litigation, the CFTC seeks a return of ill-gotten gains, restitution, civil monetary penalties, trading and registration bans, and permanent injunctions against further violations of the federal commodities laws.
The CFTC has stated publicly that it appreciates the assistance of the Missouri Secretary of State, Securities Division and the United States Postal Inspection Service.
Webull Introduces "Lite" Version of Trading App for Retail Users
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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