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Date de publication: 28 févr. 2012
Auteur: Y. B.
Noter cette article :

La Commodity Futures Trading Commission a publié un communiqué de presse dans lequel elle annonce qu'elle condamne James G. Brandolino a payer près d'1 million de dollars d'amende pour fraudes diverses.

Introduction :

The U.S. Commodity Futures Trading Commission (CFTC) today filed and simultaneously settled charges against James Giacomo Brandolino, previously of Joliet, Ill., for conducting a number of fraudulent commodity futures investment schemes and misappropriating customer funds.

The CFTC order requires Brandolino to pay a civil monetary penalty of $1 million and permanently bans him from trading on or subject to the rules of any CFTC-registered entity. The order also requires Brandolino to comply with certain undertakings, including never applying for registration with the CFTC.

The order finds that from at least July 2006 to January 2011, Brandolino accepted approximately $3.6 million from pool participants, including family, friends, and community members, to invest in managed accounts and commodity futures pools that he and his entities operated. When soliciting and accepting participant funds, Brandolino misrepresented the performance of the pools, issued false periodic statements to pool participants that failed to disclose significant trading losses, and misrepresented the value of pool participants’ interests in the pools, according to the order.