ORLANDO, FL – Damien Bromfield and Donovan Davis, Jr. were found guilty of federal commodities fraud on February 3, 2011, following a two-week trial in Orlando, Florida. The U.S. Commodity Futures Trading Commission (CFTC) brought the case, alleging the pair misappropriated customer funds and issued false account statements.
According to the CFTC, Bromfield, of Ocoee, Florida, and Davis, Jr., of Palm Bay, Florida, operated a commodity pool and solicited investments from over 100 customers in 2007 and 2008, raising approximately $17 million. Instead of utilizing the funds for legitimate trading purposes, the pair allegedly diverted millions for personal expenses, including a private aircraft, luxury vehicles, and unauthorized salaries.
The CFTC presented evidence including testimony from victims, former employees of their company, Capital Blu Management LLC, and even from Bromfield himself, demonstrating a pattern of deception. Customers received fabricated account statements indicating profits when, in reality, they were incurring losses.
The case is currently in its next phase, with Judge John Antoon scheduled to determine the amount of disgorgement, restitution, and civil monetary penalties Bromfield and Davis, Jr. will be required to pay. A damages hearing is set for March 2 and 3, 2011, to finalize these figures. The CFTC is seeking equitable relief for the defrauded victims.
The CFTC staff involved in the case include Patrick Pericak, Daniel Jordan, Heather Johnson, Erica Bodin, Melissa Glasbrenner, Bobby Williams, Sandy Rim, Jessica Harris, Melissa Strom, Matthew Elkan, Eugenia Vroustouris, Kenneth McCracken, Rick Glaser and Richard Wagner.
Source: CFTC.gov
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