ALEXANDRIA, VA – Amrit Jaswant Singh Chahal, president of Kane Capital Investment Group, LLC, has been permanently banned from trading and registration following a settlement with the Commodity Futures Trading Commission (CFTC). The Virginia federal court order stems from charges of commodity futures fraud, commodity pool fraud, registration violations, and illegal commingling of funds.
The CFTC action, initially filed in April 2018, alleged that Chahal and Kane Capital fraudulently solicited and misappropriated customer funds between January 1, 2015, and December 31, 2017. The scheme involved offers to trade futures contracts on the E-mini NASDAQ 100, E-mini S&P 500, Cboe Volatility Index, and NYMEX WTI Light Sweet Crude Oil.
According to the CFTC, Kane Capital’s trading was consistently unprofitable, a fact concealed from investors through false claims of annual profits ranging from 28% to 34%. Chahal allegedly doctored account statements to mask losses and attract further investment. Funds were also misappropriated via a Ponzi-like structure, with new investor deposits used to pay earlier investors and cover Chahal’s personal expenses, including rent, utilities, and credit card bills.
The court order requires Chahal and Kane Capital to pay $1,232,510.41 in restitution. However, this obligation is considered satisfied by a separate criminal forfeiture judgment of the same amount entered in the case of United States v. Amrit Jaswant Singh Chahal.
Chahal previously pleaded guilty to wire fraud and commodities fraud in November 2018 and was sentenced to 30 months in federal prison in March 2019. The U.S. Securities and Exchange Commission (SEC) also filed a related enforcement action against Chahal.
The CFTC acknowledged the assistance of the U.S. Attorney for the Eastern District of Virginia, the Virginia State Corporation Commission, and the SEC Division of Enforcement in the investigation.
Source: CFTC.gov
Related Federal Cases
- Jeffrey Phares, Cemetery Fraud, West Virginia, 2023 · Virginia
- Sark Wire Corporation, PPP Fraud, Albany NY, 2023 · Pennsylvania
- James Pavlounis, Social Security Disability Benefits Fraud, New Roc… · Pennsylvania
- Kenneth Thom, Investment Adviser Fraud, New York NY, 2026 · New York
- Jeffrey Phares, Wire Fraud Scheme, Fayetteville WV, 2023 · Alabama
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News