US Court Orders Tony Hunter's 'Double Act Fraud' to Pay $11.7 million
- A U.S. District Court in North Carolina found FX and Commodity fraudster Tony Hunter who ran Prestige and D2W guilty of fraud and regulatory violations, the Order enforces a $11.7 million financial penalty.
U.S. financial markets watchdog, the Commodity Futures Trading Commission (CFTC), obtained federal court orders against North Carolina based fraudster Tony D. Hunter for fraudulent activity in relation to regulated products.
Hunter who ran managed account firms, Prestige Capital Advisors, LLC (Prestige), and D2W Capital Management, LLC (D2W), is obliged to pay more than $4.3 million in restitution to defrauded pool and managed account clients and imposing civil monetary penalties of approximately $7.5 million.
Prosecutors found the defendant guilty of fraudulent solicitation, misappropriation and Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term violations. In addition, the court Order imposes permanent trading and registration bans against the Defendants and prohibits them from violating the anti-fraud and other provisions of the Commodity Exchange Act (CEA) and CFTC Regulations, as charged.
Details of the case show that Hunter's firm, Prestige fraudulently solicited and accepted more than $4.7 million from multiple pool participants for investment in one or more commodity pools that traded among other things, commodities and futures contracts.
The managed accounts company was also found to have falsified trading statements and published counterfeit trading results on public website BarclayHedge where potential investors can track the past performance of fund managers.
Hunter was found to have sent false trading results to at least one Prestige pool participant, and issued false account statements. The CFTC further explained in the Order; that an estimated $2.3 million of pool participant funds was misappropriated by Prestige, and D2W, a managed Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term account service, sent false account statements to at least one client.
Both firms were given an Order of Default Judgement and Permanent Injunction, furthermore the courts have imposed civil monetary penalties of approximately $6.9 million on Prestige and $280,000 on D2W.
The court entered a subsequent Order on February 22, 2013, requiring Prestige to pay restitution of over $4.1 million and D2W to pay restitution of $85,250.
U.S. financial markets watchdog, the Commodity Futures Trading Commission (CFTC), obtained federal court orders against North Carolina based fraudster Tony D. Hunter for fraudulent activity in relation to regulated products.
Hunter who ran managed account firms, Prestige Capital Advisors, LLC (Prestige), and D2W Capital Management, LLC (D2W), is obliged to pay more than $4.3 million in restitution to defrauded pool and managed account clients and imposing civil monetary penalties of approximately $7.5 million.
Prosecutors found the defendant guilty of fraudulent solicitation, misappropriation and Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term violations. In addition, the court Order imposes permanent trading and registration bans against the Defendants and prohibits them from violating the anti-fraud and other provisions of the Commodity Exchange Act (CEA) and CFTC Regulations, as charged.
Details of the case show that Hunter's firm, Prestige fraudulently solicited and accepted more than $4.7 million from multiple pool participants for investment in one or more commodity pools that traded among other things, commodities and futures contracts.
The managed accounts company was also found to have falsified trading statements and published counterfeit trading results on public website BarclayHedge where potential investors can track the past performance of fund managers.
Hunter was found to have sent false trading results to at least one Prestige pool participant, and issued false account statements. The CFTC further explained in the Order; that an estimated $2.3 million of pool participant funds was misappropriated by Prestige, and D2W, a managed Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term account service, sent false account statements to at least one client.
Both firms were given an Order of Default Judgement and Permanent Injunction, furthermore the courts have imposed civil monetary penalties of approximately $6.9 million on Prestige and $280,000 on D2W.
The court entered a subsequent Order on February 22, 2013, requiring Prestige to pay restitution of over $4.1 million and D2W to pay restitution of $85,250.