CFTC Obtains Default Judgment against The Trade Tech Institute, Inc., Technology Trading International, Inc., and Robert Sorchini for Fraudulent Solicitation of Managed Commodity Trading Accounts (CFT

The CFTC announced that the U.S. District Court for the Central District of California entered an order of default judgment and permanent injunction against The Trade Tech Institute, Inc., Technology Trading International, Inc., and Robert Sorchini, all of Los Angeles. The same Court previously entered a consent order of permanent injunction against Richard Carter as Controlling Person of both companies.

The orders find that from at least 2007 until the CFTC complaint was filed in March 2011, Trade Tech, by and through Sorchini, Carter and other employees, fraudulently promoted and marketed a variety of systems to the public to be used for trading futures contracts and options on futures contracts in managed accounts.

View press release in full here(links externally to CFTC website).