FROM: U.S. COMMODITY FUTURES TRADING COMMISSION
February 12, 2013
Federal Court in Texas Orders Jonathan Hansen and His Company, J. Hansen Investments, LLC, to Pay over $1.3 Million to Settle Commodity Pool Fraud Action
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) obtained a federal court Order against Defendants Jonathan Hansen (Hansen) and his firm, J. Hansen Investments, LLC (JHI), requiring them to jointly pay approximately $878,000 in restitution to defrauded investors and a civil monetary penalty of approximately $483,900. The Order also imposes permanent trading and registration bans against the Defendants and prohibits them from violating the anti-fraud provisions of the Commodity Exchange Act, as charged.
The Consent Order of permanent injunction, entered by Judge Nancy F. Atlas of the U.S. District Court for the Southern District of Texas, stems from a CFTC Complaint filed on August 24, 2012, against Hansen and JHI, charging them with fraud and misappropriation in the operation of a commodity pool scheme. Hansen was the owner and sole employee of JHI, and neither defendant has ever been registered with the CFTC.
The Order finds that Hansen fraudulently solicited and accepted over $1.1 million from investors to trade E-Mini S&P 500 futures contracts in a commodity pool Hansen operated. Hansen used only a small portion of pool participants’ funds to trade futures contracts, transferring such funds to his personal or JHI’s futures trading accounts, both of which sustained consistent losses, according to the Order. The Order also finds that Hansen misappropriated funds for his personal use and commingled pool funds with his own funds. Additionally, Hansen issued monthly account statements to pool participants falsely reporting profits earned in pool participants’ trading accounts and monthly trading memoranda falsely reporting monthly and annual trading returns, according to the Order.
The CFTC appreciates the assistance of the National Futures Association.
CFTC Division of Enforcement staff members responsible for this case are Danielle E. Karst, George Malas, Christine Ryall, Paul G. Hayeck, and Joan Manley.
Showing posts with label U.S. COMMODITY FUTURES TRADING COMMISSION. Show all posts
Showing posts with label U.S. COMMODITY FUTURES TRADING COMMISSION. Show all posts
Monday, February 18, 2013
Monday, September 3, 2012
CFTC CHARGES CALIFORNIA RESIDENT WITH RUNNING A COMMODITY POOL FRAUD SCHEME
FROM: U.S. COMMODITY FUTURES TRADING COMMISSION
CFTC Charges Californian Jeffrey Gustaveson with Fraud, Misappropriation, and Issuing False Statements in Commodity Pool Scheme
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of a complaint in the U.S. District Court for the Northern District of California, charging defendant Jeffrey Gustaveson of Carlsbad, Calif., with fraud, misappropriation, and issuing false statements in an approximate $2.5 million commodity pool scheme.
According to the CFTC complaint, filed on August 29, 2012, from at least January 2010 through approximately July 2010, Gustaveson accepted at least $2,495,000 million from at least four individuals to invest in a commodity futures pool. However, rather than trade pool participants’ funds as promised, Gustaveson allegedly only used approximately $400,000 of the funds to trade commodity futures, which resulted in a net loss. Gustaveson kept the remaining funds in a checking account from which he used at least $400,000 of pool funds to pay his personal expenses, including hotels, restaurants, and online gambling, according to the complaint.
Furthermore, to conceal his fraud, Gustaveson allegedly distributed false trading account statements to pool participants that misrepresented the value of the pool, reported false profits, and failed to disclose Gustaveson’s misappropriation of pool participants’ funds. When his fraud was exposed, Gustaveson allegedly repaid a portion of pool participants’ funds, but, despite repeated requests to do so, Gustaveson allegedly has not returned $415,000 of pool participants’ money. According to the CFTC complaint, Gustaveson admitted in a California state court proceeding that he had misappropriated investor money and falsified financial statements in connection with the acts described in the CFTC complaint.
In its continuing litigation, the CFTC seeks restitution to defrauded customers, a return of ill-gotten gains, civil monetary penalties, trading and registration bans, and permanent injunctions against further violations of federal commodities laws, as charged.
CFTC Division of Enforcement staff members responsible for this case are Lindsey Evans, Mary Beth Spear, Diane Romaniuk, Ava M. Gould, Scott R. Williamson, Rosemary Hollinger, and Richard B. Wagner.
CFTC Charges Californian Jeffrey Gustaveson with Fraud, Misappropriation, and Issuing False Statements in Commodity Pool Scheme
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of a complaint in the U.S. District Court for the Northern District of California, charging defendant Jeffrey Gustaveson of Carlsbad, Calif., with fraud, misappropriation, and issuing false statements in an approximate $2.5 million commodity pool scheme.
According to the CFTC complaint, filed on August 29, 2012, from at least January 2010 through approximately July 2010, Gustaveson accepted at least $2,495,000 million from at least four individuals to invest in a commodity futures pool. However, rather than trade pool participants’ funds as promised, Gustaveson allegedly only used approximately $400,000 of the funds to trade commodity futures, which resulted in a net loss. Gustaveson kept the remaining funds in a checking account from which he used at least $400,000 of pool funds to pay his personal expenses, including hotels, restaurants, and online gambling, according to the complaint.
Furthermore, to conceal his fraud, Gustaveson allegedly distributed false trading account statements to pool participants that misrepresented the value of the pool, reported false profits, and failed to disclose Gustaveson’s misappropriation of pool participants’ funds. When his fraud was exposed, Gustaveson allegedly repaid a portion of pool participants’ funds, but, despite repeated requests to do so, Gustaveson allegedly has not returned $415,000 of pool participants’ money. According to the CFTC complaint, Gustaveson admitted in a California state court proceeding that he had misappropriated investor money and falsified financial statements in connection with the acts described in the CFTC complaint.
In its continuing litigation, the CFTC seeks restitution to defrauded customers, a return of ill-gotten gains, civil monetary penalties, trading and registration bans, and permanent injunctions against further violations of federal commodities laws, as charged.
CFTC Division of Enforcement staff members responsible for this case are Lindsey Evans, Mary Beth Spear, Diane Romaniuk, Ava M. Gould, Scott R. Williamson, Rosemary Hollinger, and Richard B. Wagner.
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