Coby Tresner, Fraud, Kansas 2019
Andover, Kansas – Coby Tresner has been charged with fraud and related violations by the U.S. Commodity Futures Trading Commission (CFTC), according to an order filed September 30, 2019. Tresner, of Andover, Kansas, faces penalties for failing to register as a commodity trading advisor and associated person, misappropriating client funds, and providing false statements to investigators.
The CFTC order details that between December 2014 and July 2018, Tresner solicited funds from clients intending to trade cattle futures on their behalf. However, rather than utilizing these funds for legitimate trading purposes, he allegedly misappropriated them to cover personal debts and living expenses.
Furthermore, the investigation revealed that Tresner accepted orders for futures contracts from customers of a registered introducing broker without being properly registered with the CFTC as an associated person or floor broker. He also allegedly presented himself to the public as a commodity trading advisor despite lacking the required registration.
In addition to the violations of registration requirements and misappropriation of funds, the CFTC found that Tresner knowingly provided misleading information during a subpoena response and subsequent interview with CFTC staff. He failed to disclose all individuals and entities from whom he received funds for cattle futures trading.
As a result of these findings, Tresner is ordered to pay a $250,000 civil monetary penalty to the CFTC. He is also required to provide restitution to the clients whose funds were misappropriated. The order permanently bans Tresner from trading on any CFTC-registered exchange or entity, and prohibits him from entering into any transactions involving commodity interests or applying for registration with the CFTC in the future.
The case was led by CFTC staff members Karin N. Roth, Shantel Ogbuagu, Judith Slowly, Candice Aloisi, Lenel Hickson, Jr., and Manal M. Sultan.
Source: CFTC.gov
Source: https://www.cftc.gov/PressRoom/PressReleases/8027-19