Diego Mariano Rolando, a citizen of Argentina, has been ordered to pay over $10 million in penalties and restitution after being found guilty of commodity futures and options fraud by the U.S. District Court for the District of Connecticut. The default judgment was entered on December 19, 2008.
According to the CFTC, Rolando operated a fraudulent investment scheme from 2005 through 2007, soliciting more than $34 million from hundreds of customers in the United States and internationally. He engaged in unauthorized trading in customer accounts, utilizing false information to open accounts and control the flow of information, and provided falsified account statements to conceal trading losses.
The court found that Rolando made numerous misrepresentations and omissions to investors regarding their investments. The case originated from a CFTC complaint filed against Rolando – also known as Roclerman and ROC db/a IA Trading.com Inc. – on January 15, 2008.
In addition to the monetary penalties and restitution, Rolando is permanently barred from violating provisions of the Commodity Exchange Act. He is also prohibited from trading on CFTC-regulated markets or engaging in any activity requiring CFTC registration. The court has directed Daniel R. Alonso, the court-appointed receiver, to distribute over $23 million in frozen customer funds, alongside the awarded restitution, to Rolando’s investors according to an equitable plan.
The CFTC acknowledged the assistance of the U.S. Attorney’s Office for the District of Connecticut in this matter. The case was led by CFTC Division of Enforcement staff members Jo Mettenburg, Braden Perry, Charles Marvine, Ken McCracken, Rick Glaser, and Richard Wagner.
Source: CFTC.gov
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