Chicago, IL – Bradley Scott Schiller, 41, was charged with fraud by the U.S. Commodity Futures Trading Commission (CFTC) on May 24, 2012, in the U.S. District Court for the Northern District of Illinois. Schiller is accused of defrauding at least six investors out of $7.8 million through a commodity futures scheme.
According to the CFTC complaint, Schiller solicited funds from investors beginning in January 2008, promising profitable returns through managed commodity futures accounts. However, Schiller allegedly fabricated his trading success, presenting altered account statements to attract and retain investors. In reality, Schiller’s trading consistently resulted in net losses.
The complaint details how Schiller employed a Ponzi scheme, using funds from new investors to pay off earlier investors who requested withdrawals. Of the $7.8 million received, Schiller reportedly deposited only $3.7 million into trading accounts. Approximately $1.6 million was lost through trading, while Schiller withdrew over $2.1 million for personal use.
The CFTC alleges Schiller misappropriated investor funds to finance a lavish lifestyle, including the purchase of expensive vehicles and a high-rise condominium, as well as covering personal expenses. He is also accused of using $3.5 million of investor money to repay two early investors, leaving four investors still owed at least $4.35 million.
The CFTC is seeking restitution for defrauded investors, disgorgement of Schiller’s ill-gotten gains, a civil monetary penalty, trading and registration bans, and permanent injunctions to prevent future violations of federal commodities laws. The case is being pursued by CFTC staff members Jennifer Diamond, Judith McCorkle, Joseph Konizeski, Scott Williamson, Rosemary Hollinger, and Richard B. Wagner.
Source: CFTC.gov
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