Iron Station, NC – June 25, 2013 – C. David Wright, 51, of Iron Station, North Carolina, is facing charges of operating a $1 million Ponzi scheme and misappropriating funds from investors, according to a complaint filed by the U.S. Commodity Futures Trading Commission (CFTC).
The CFTC alleges that Wright solicited over $1 million from individuals between August 2008 and March 2013, promising returns through investments in commodity futures. However, the agency claims Wright instead used the majority of the funds for personal expenses and to make payments to earlier investors—a hallmark of a Ponzi scheme.
The complaint, filed in the U.S. District Court for the Western District of North Carolina, details how Wright never registered with the CFTC as required. He allegedly falsely represented the investment strategy to pool participants, diverting their money instead of legitimately trading commodity futures.
The CFTC is seeking a permanent injunction to prevent future violations of commodity laws, a permanent ban on Wright’s ability to register and trade, restitution for defrauded investors, disgorgement of any ill-gotten gains, and civil monetary penalties. The exact amount of penalties will be determined by the court.
The United States Attorney’s Office for the Western District of North Carolina assisted the CFTC in this matter. The case is being handled by CFTC staff members Jennifer E. Smiley, Mary Beth Spear, Ava Gould, Scott Williamson, Rosemary Hollinger and Richard B. Wagner.
As of today, no criminal charges have been filed, and Wright’s legal representation is currently unknown. Further updates will be provided as the case progresses.
Source: CFTC.gov
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