26 May AtoZ Markets — Yesterday, the U.S. Commodity Futures Trading Commission (CFTC) announced that the U.S. District Court for the Northern District of Illinois submitted a Constant Order for the permanent injunction against David Bryant, the resident of California.
The Order obliges David Bryant to pay over $6 million in fine, comprising $3 million fine for the civil penalty, and additionally $3,087,343 in restitution. Moreover, as David Bryant fined, the Order also levies permanent registration and trading bans on him and forbids him from performing further violations of the anti-fraud and registration provisions of the Commodity Exchange Act, as requested.
The CFTC Complaint
The Order resulted from a CFTC Complaint filed on the 2nd of December, 2015, accusing Bryant with falsified solicitation to investors, false advertisement to pool participants, and performing the Commodity Pool Operator actions, without being authorized by CFTC.
The CFTC’s Complaint claims that David Bryant has ‘fraudulently solicited and accepted at least $3 million from pool participants, claiming that he was trading their funds in an account for the Bryant Family Investment Fund LLC’. In addition, the Complaint alleges that Bryant sent out pool participants misleading account statements, that falsely showed the increase in the profits and an account balance of several million dollars.
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The Order finds fraud and mistreatment
As reported in Order, in the period from June 2014 to December 2015, David Bryant solicited at minimum $4,644,785 from multiple individuals, many of them were family and friends, promising that their assets would be traded as a pool in commodity futures. Later on, he deposited these funds into different accounts under his name, where the assets were combined with his personal funds.
Moreover, Bryant failed to disclose to pool participants that he was trading their funds in his personal trading accounts. According to Order, he also failed to reveal to the pool of participants that he lost almost $2,661,080 of their assets while trading commodity futures in his own private trading accounts.
As David Bryant fined over $6 million sum, the Order also states that he gave back only about $1,630,942 million to pool participants, and failed to return the remaining sum, about $3,087,343 million. These funds were lost while Bryant was trading futures or, supposedly, wasted for his personal needs.
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