Coconut Creek, Florida – Cindy Vandivier and her husband, Paul Vandivier, have been permanently banned from trading commodities and soliciting customers after being charged with fraudulently selling precious metals, the Commodity Futures Trading Commission (CFTC) announced February 9, 2016. The U.S. District Court for the Southern District of Florida entered a consent order on February 5, 2016, detailing the charges and penalties.
The CFTC alleged that, from July 2011 through at least April 2013, the Vandiviers, through their company Mintline, Inc., fraudulently solicited retail customers across the United States to purchase leveraged, margined, or financed precious metals. However, the court found that the Vandiviers never actually purchased, sold, or delivered any physical metals to customers. Instead, they allegedly misappropriated approximately $986,763 in customer funds to cover Mintline’s operating expenses and personal expenses, including those related to animals, automobiles, communication, employees, medical bills, and shopping.
As a result of their actions, customers suffered a total loss of $986,763. The Vandiviers were each ordered to pay a $1 million civil monetary penalty and jointly pay $986,763 in restitution to the defrauded customers. They are also permanently banned from trading in any commodity and from registering with the CFTC.
The CFTC’s litigation against Mintline, Inc. is ongoing, with the company currently in default. The agency cautions that restitution orders do not guarantee full recovery of lost funds, as wrongdoers may lack sufficient assets.
Customers who believe they may have been affected by this fraud are encouraged to report suspicious activity to the CFTC via its toll-free hotline at 866-FON-CFTC or by filing a tip online.
Source: CFTC.gov
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