Friday, May 23, 2014

CFTC Is Looking Out For You

I can't let this escape the public record. There is so much bullshit in here the CFTC should be embarrassed and ashamed of themselves.

CFTC Wins Fraud Trial against Hunter Wise Related Precious Metals Firms and Their Owners

Federal court orders Fred Jager, Harold E. Martin, Jr. and the Hunter Wise Companies to Pay over $108 Million in Restitution and Penalties

Court Calls Fraudulent Conduct “repeated, callous and blatant”

Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that on May 16, 2014, a federal court in Florida entered an Order finding in the CFTC’s favor following a trial against four Hunter Wise related companies and their owners on charges that they had fraudulently misrepresented the nature of precious metals transactions that resulted in millions of dollars in customer losses.

Hunter Wise Commodities, LLC, Hunter Wise Services, LLC, Hunter Wise Credit, LLC, and Hunter Wise Trading, LLC and the individuals running the companies, Fred Jager and Harold Edward Martin, Jr., have been ordered to pay, jointly and severally, $52.6 million in restitution to the defrauded customers, and to pay a civil monetary penalty, jointly and severally, of $55.4 million, the maximum provided by law.

“This result makes clear that the CFTC will aggressively act to protect customers from fraud. Customers are entitled to know the truth of how their hard-earned money is being used. Here, customers thought Defendants were purchasing precious metals on their behalf and they were not,” said Gretchen L. Lowe, Acting Director of the CFTC’s Division of Enforcement. “This is also another excellent example of how the CFTC is using its new enforcement authority under Dodd-Frank to go after fraudsters.”  

I have no further comment other than the CFTC is another rotating door in the political quagmire of criminal clowns and hooligans.

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