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 Scott duped innocent investors for a total $7.8 million to trade in commodity futures.
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 CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss Read this Term) enforcement complaint highlighted that the fraudster had misappropriated client funds and created false statements in an attempt to cover up the fraud.
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.
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 CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss Read this Term) enforcement complaint highlighted that the fraudster had misappropriated client funds and created false statements in an attempt to cover up the fraud.
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.