DETROIT, MI – The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Darren Robinson, a former Miami, Florida resident, and his firm, The QYU Holdings Inc. (QYUHI), a Wyoming corporation with a principal place of business listed in Dallas, Texas. The suit, filed in the U.S. District Court for the Eastern District of Michigan, alleges a multi-million dollar fraudulent scheme targeting residents of the Detroit suburbs.
The CFTC complaint accuses Robinson and QYUHI of fraud, failing to register as a commodity pool operator (CPO) and associated person (AP), and violating books and records regulations. Authorities allege the defendants solicited at least $7.1 million from customers to participate in a commodity pool purportedly trading foreign currency (forex) and forex futures.
However, instead of investing the funds as promised, the CFTC alleges Robinson and QYUHI misappropriated all participant funds. These funds were deposited into a corporate bank account controlled by Robinson, rather than a designated investment account. The complaint details that Robinson used the money for personal expenses including luxury cruises, travel, vehicles, real estate, and daily living costs. Approximately $1,272,850 of funds from later investors were used to pay earlier investors, characteristic of a Ponzi scheme, according to the CFTC.
The CFTC is seeking full restitution for defrauded participants, disgorgement of any ill-gotten gains, and civil monetary penalties. The agency cautions that recovery of lost funds is not guaranteed, as the defendants may lack sufficient assets.
In a related criminal case, the U.S. Attorney’s Office for the Eastern District of Michigan has filed a criminal complaint against Robinson, charging him with wire fraud in connection with the same scheme. The CFTC collaborated with the U.S. Attorney’s Office and the Federal Bureau of Investigation on the investigation.
The case is being prosecuted by Timothy J. Mulreany, George H. Malas, Kassra Goudarzi, and Paul G. Hayeck of the CFTC’s Division of Enforcement.
Source: CFTC.gov
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