CFTC Charges Attorney with Aiding and Abetting Illegal Metals Transactions and Fraud

The CFTC filed a civil enforcement complaint in the U.S. District Court for the Southern District of Florida against an attorney whom the CFTC alleges to have willfully aided and abetted multiple clients in their operation of illegal and fraudulent previous metals schemes in violation of the CEA. The CFTC Complaint alleges that the relevant transactions should have been executed on a CFTC-regulated exchange, and that the parties to the transactions never actually owned, possessed or sold any physical metals and so did not qualify for exemption from the exchange-trading requirement.

See: CFTC Complaint; CFTC Press Release.See also: CFTC Precious Metals Fraud Advisory.