CFTC Fraud Case Against Maverick Asset Management


10 September, AtoZForex.com, Lagos – Recently, it was announced by the U.S Commodity Futures Trading Commission (CFTC) that the court has issued an emergency order to freeze and preserve any remaining pool participants' asset solely under the control of Maverick Asset Management, LLC, Rodney Scott Phelps and Jason T. Castenir (Defendant).

On top of this matter, the companies under its control, Maverick investment Holdings, LLC, received the order to be under seal, back on the 25th of August 2015 by the CFTC. The order restricts the defendant from destroying books or records and granted the Commodities Futures Trading Commission immediate access to every record available.

The order stems from a civil enforcement complaint filed on the 25th of August 2015 by the CFTC, which charges the defendant with soliciting about $1.2 million in a fraudulent manner from the general public to trade commodity figures in a pool, embezzling more than $800,000 of pool participants' funds for their personal use, and hearing its trading profit misrepresented.

Further complications 

Further complicating the deceptive act in the CFTC fraud case, it was discovered that the defendants operated the commodity pool without the due CFTC licensing or authorization.

The complaints went further alleging that the defendants had falsified account statements prepared and distributed to pool participants which contradicts the genuine statements the defendants received from their futures broker, thereby reflecting false profits, while it was discovered that the defendants' futures trading was unprofitable on a consistent basis.

In a continued judicial proceeding, the CFTC is agitating for full indemnification to the affected pool participants, the payment of monetary penalties, refund of any ill-gotten gains, a permanent injunction from future violations of federal commodities law, and a permanent registration and trading bans.

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The U.S Attorney's office for the middle District of Tennessee was appreciated by the CFTC. The Enforcement staff of members of the CFTC Division responsible for this case are Alison Wilson, Glenn Chemigoff, Rick Glaser, Erica Bodin, Michael Loconte, and Stephen Barrows the former Division staff member.

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