Destin, FL – November 10, 2009 – David A. Owen, 47, of Destin, Florida, is facing federal charges following a Commodity Futures Trading Commission (CFTC) enforcement action alleging widespread fraud. A consent restraining order was entered by a federal court on November 10th, freezing Owen’s assets, preserving records, and requiring a full accounting of his finances.
The CFTC filed a complaint on October 30, 2009, in the U.S. District Court for the Northern District of Florida, accusing Owen of fraudulently soliciting at least $2.5 million from nine individuals to invest in commodity futures pools operating under the name Oasis Futures. According to the complaint, Owen misappropriated approximately $800,000 of customer funds for personal use and to make payments to earlier investors – a classic hallmark of a Ponzi-like scheme.
Investigators allege Owen failed to maintain proper trading accounts for the pools, instead losing over $1.6 million trading commodity futures in his personal accounts. Simultaneously, he allegedly made false statements to investors, claiming profitable trades on behalf of the pools and downplaying the inherent risks of commodity futures trading. Owen is accused of concealing losses and the misappropriated funds through the issuance of fabricated account statements showing fictitious profits.
The CFTC further alleges Owen falsely presented himself as a certified public accountant, tax attorney, and financial advisor, leveraging this false expertise to pressure individuals into investing. He allegedly claimed a successful trading history and warned potential investors they would miss a significant market opportunity if they did not participate. Critically, the complaint states Owen failed to disclose prior fraud convictions.
The CFTC is seeking a permanent injunction against Owen, along with disgorgement of all ill-gotten gains, full restitution to defrauded customers, and a civil monetary penalty. The case is being pursued by James H. Holl, III, Kara Mucha, Michelle Bougas, Gretchen L. Lowe and Phyllis J. Cela of the CFTC’s Division of Enforcement.
Source: CFTC.gov
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