Charles Paul “Chip” Hoffecker, 53, of Pompano Beach, Florida, was convicted on March 17, 2006, alongside Charles Edward Myers, 65, of Fort Lauderdale, Florida, for their involvement in an international commodities fraud scheme. The conviction followed a three-month jury trial in the District of New Jersey, led by U.S. Attorney Christopher Christie.
Hoffecker and Myers were each found guilty of one count of conspiracy to commit mail and wire fraud, and three counts of mail fraud. The indictment, issued in 2003, detailed how the pair defrauded investors in precious metals, heating oil, and other commodities through Amitex Services, Ltd., Inc., a Bahamian corporation, and Global Investment Services, Inc., a domestic corporation based in Atlanta, Georgia. The operation was characterized as a “boiler room” scheme.
U.S. District Judge Katherine S. Hayden has scheduled sentencing for June 26. Following the conviction, Judge Hayden revoked Hoffecker’s bail, ordering him detained until sentencing. For Myers, bail was increased from $500,000 to $1 million, and he was placed under house arrest with electronic monitoring.
The Commodity Futures Trading Commission (CFTC) provided substantial assistance to the U.S. Attorney’s Office, the Federal Bureau of Investigation, and the U.S. Postal Inspectors throughout the investigation and trial. CFTC staff members Daniel Nathan, Mary Kaminski, and Terry Montgomery, from the Division of Enforcement, were specifically involved in providing this support.
The extent of potential penalties for Hoffecker and Myers was not immediately available, but mail and wire fraud convictions can carry significant prison sentences and financial penalties.
The CFTC encourages the public to report any suspicious activities related to futures, commodity options, or foreign currency investments. Concerns can be reported via phone at 1-866-FON-CFTC, through the CFTC’s website, or via an online report form.
Source: CFTC.gov
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