A fraudulent money manager who duped clients for at least $18 million has seen its license revoked by the US financial regulator. The CFTC reported that it had retraced Altamont Global Partners’ license after the firm was found guilty of running a Ponzi scheme.
The regulator’s decision comes after thorough investigations that show that the firm was involved in a number of breaches. The case dates back to 2012 when the regulatory ceased the firm’s assets. The case has been on-going and the CFTC has been issuing Orders against the firm. In 2013, the watchdog issued a permanent trading ban against the firm and Wilkins.
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In the latest Order, the CFTC stated: “The CFTC announced the revocation of the registrations of Altamont Global Partners LLC (AGP) of Longwood, Florida and its owner, John G. Wilkins, formerly of Chuluota, Florida. AGP was registered with the CFTC as a Commodity Pool Operator, and Wilkins was registered as an Associated Person of AGP.”
Wilkins has been involved in a number of wrong-doings, including mail and wire fraud. The legal authorities based their latest decision that Wilkins was subject to statutory disqualification based on previous charges for conspiracy to committing mail fraud and wire fraud in connection with these same activities.