MINNEAPOLIS, MN – A Minnesota man is facing financial consequences for a decade-old fraud scheme involving foreign currency trading. On September 5, 2007, Judge Michael J. Davis of the U.S. District Court for the District of Minnesota authorized the distribution of $209,127.10 in restitution to 38 victims of Anthony J. Heppner, formerly of Theilman, Minnesota.
The case, originally filed by the Commodity Futures Trading Commission (CFTC) on July 18, 2002, alleged that Heppner fraudulently solicited funds from customers for investment in Sovereign Resource Management, Inc., a Grenadian corporation. The scheme promised pooled funds would be used to trade foreign currency futures contracts, commonly known as forex.
According to the CFTC complaint, Heppner misappropriated $52,075 from the 38 participants. Judge Davis issued a permanent injunction against Heppner on December 5, 2005, and ordered him to pay $228,028 in restitution. The funds being distributed now represent the proceeds from the recent sale of Heppner’s home, after his mortgage was satisfied.
The court order allows the CFTC to use the $209,127.10 to begin compensating those defrauded by Heppner’s forex scheme. The CFTC’s investigation revealed a pattern of fraudulent solicitation and misuse of investor funds.
The case was handled by CFTC staff members Susan B. Padove, Thomas J. Koprowski, Mary Beth Spear, Scott R. Williamson, Rosemary Hollinger, and Richard Wagner.
Source: CFTC.gov
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