San Juan, Puerto Rico – On June 28, 2016, the U.S. Commodity Futures Trading Commission (CFTC) filed a civil enforcement complaint against Alvin Guy Wilkinson, alleging a multi-million dollar fraud. The complaint, filed in the U.S. District Court for the Northern District of Illinois, accuses Wilkinson of defrauding investors and operating unregistered commodity pools.
Wilkinson, a former member of the Chicago Board Options Exchange (CBOE) and former board member, is accused of fraudulently soliciting at least $6.9 million from over 30 individuals between July 1999 and the present. He claimed he would use the funds to trade futures contracts using a volatility strategy through his limited partnerships, Chicago Index Partners, L.P. (CIP) and Wilkinson Financial Opportunity Fund, L.P. (WFOF).
However, the CFTC alleges Wilkinson misappropriated at least $5.2 million of investor funds and operated a Ponzi scheme, returning approximately $1.7 million to investors as purported profits and return of capital. He is also accused of issuing false Schedule K-1 Forms through his accountant, misrepresenting the value and profitability of investor interests in WFOF and CIP.
According to the complaint, Wilkinson misled investors about potential profits and risks, ignored withdrawal requests, and falsely claimed conditions prevented disbursements. He allegedly failed to disclose that their partnership interests were essentially worthless and that their investments had been misappropriated.
The CFTC further alleges that Wilkinson provided false documentation to the National Futures Association (NFA) during an investigation in May 2016. He reportedly submitted financial information claiming funds held a $12 million “Note Receivable” that did not exist.
The CFTC is seeking full restitution for defrauded participants, disgorgement of ill-gotten gains, a civil monetary penalty, permanent registration and trading bans, and a permanent injunction against future violations of federal commodities laws. The NFA assisted in the investigation.
Source: CFTC.gov
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