Christopher Smithers of Jupiter, Florida, is facing federal charges of fraud following a complaint filed by the U.S. Commodity Futures Trading Commission (CFTC) on October 22, 2012, in the U.S. District Court for the Southern District of Florida. The CFTC alleges Smithers defrauded customers through commodity futures trading and the sale of gold bullion.
According to the complaint, between October 2008 and March 2009, Smithers misrepresented the profitability of his commodity futures trading, leading to $220,000 in losses for his customers. He further allegedly misrepresented the identity of account holders to futures commission merchants from June to November 2011, a deliberate attempt to circumvent previous court orders prohibiting him from trading commodity futures contracts.
The CFTC also accuses Smithers of misappropriating $162,980 in customer funds earmarked for gold bullion purchases in 2011, instead using the money for personal expenses. Additionally, he is alleged to have fraudulently solicited funds from a customer to trade commodity futures during the same year.
This isn’t Smithers’ first encounter with legal trouble related to commodity trading. The current complaint cites violations of two prior permanent injunctions issued by the U.S. District Court for the Southern District of Florida in cases CFTC v. Matrix Trading Group., Inc., David Weeden, and Christopher Smithers (2002) and CFTC v. Christopher Smithers, Prosperity Consultants, Inc., and Jack Smithers (2006). These previous orders already prohibited Smithers from engaging in commodity-related activities.
The CFTC is seeking civil monetary penalties and an injunction against Smithers. The case is being pursued by Harry E. Wedewer, Dmitriy Vilenskiy, Danielle E. Karst, John Einstman, Paul G. Hayeck, and Joan M. Manley of the CFTC’s Division of Enforcement. The complaint was filed October 22, 2012, and announced publicly on October 23, 2012.
Source: CFTC.gov
Related Federal Cases
- Christopher B. Epps, Bribery and Wire Fraud, Jackson MS, 2023 · Mississippi
- Christopher Gregory Wayne, Medicare Fraud Scheme, Miami FL, 2023 · Washington
- Orlando Pascual Jr., HIV Treatment Medicare Fraud, Miami FL, 2023 · Mississippi
- Juan A. Tony Marrero, Medicare Fraud Scheme, Miami FL, 2023 · Texas
- Juan A. Tony Marrero, Medicare Fraud Scheme, Miami FL, 2024 · Florida
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News