San Diego resident Charles Steven Goodie is facing charges of operating a fraudulent commodity futures pool and violating registration and disclosure laws, the U.S. Commodity Futures Trading Commission (CFTC) announced on December 6, 2011. The CFTC filed a civil complaint against Goodie and his company, CSG Commodity Service Group (CSG), in the U.S. District Court for the Southern District of California, San Diego Division.
The complaint alleges that from May 2008 to March 2011, Goodie and CSG fraudulently solicited at least $494,000 from a minimum of 15 individuals, promising to invest the funds in a commodity pool trading futures contracts for silver, copper, natural gas, and oil. However, the CFTC claims the defendants misappropriated the participants’ money and provided fabricated account statements indicating profitable trades.
According to the complaint, little to no actual trading occurred, and any trading undertaken by the defendants resulted in net losses. In February 2011, Goodie reportedly admitted to some investors that he had spent the majority of their funds on personal expenses. Despite promises of repayment, the defendants have allegedly failed to return the money to investors.
The CFTC is seeking the recovery of ill-gotten gains, restitution for defrauded customers, civil monetary penalties, trading and registration bans, and permanent injunctions to prevent further violations of the Commodity Exchange Act and CFTC regulations. The case is being pursued by CFTC staff members Matthew Elkan, Michael Loconte, Daniel Jordan, Rick Glaser, and Richard Wagner.
Source: CFTC.gov
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