Diego Mariano Rolando, of Buenos Aires, Argentina, has been charged with defrauding over 400 investors worldwide out of $43.8 million in a commodity futures and options scheme, according to a complaint filed by the U.S. Commodity Futures Trading Commission (CFTC).
The CFTC alleges that Rolando, who also operated under the aliases “Roclerman” and “ROC” and through the business “IA Trading.com, Inc.,” falsely traded customer funds, provided inaccurate account statements, and submitted false information to a U.S. clearing firm to conceal his activities. The lawsuit, filed on January 15, 2008, in the U.S. District Court for the District of Connecticut, details a scheme targeting customers in South America, Europe, and the United States.
Rolando reportedly solicited investments through the websites IATrading.com and Roclerman.com, promising to trade securities on behalf of customers. However, the CFTC claims he used approximately $43.8 million in customer funds to trade commodity futures and options contracts without their knowledge or authorization. Some customers had reportedly signed agreements limiting Rolando’s trading authority.
To further obfuscate his fraud, Rolando allegedly provided false customer contact information and fabricated trading advisor names to the U.S. clearing firm, circumventing customer protection policies. The complaint states that false information was provided for as many as 200 of the 420 customer accounts.
The CFTC is seeking a permanent injunction against Rolando, restitution for defrauded customers, disgorgement of illegally obtained profits, and a civil monetary penalty. On January 15, 2008, U.S. District Court Judge Peter C. Dorsey issued a statutory restraining order, freezing Rolando’s assets and customer accounts held at the U.S. clearing firm. A preliminary injunction hearing is scheduled for January 24, 2008.
The case is being pursued by CFTC staff members Jo Mettenburg, Kenneth McCracken, Charles Marvine, David Acevedo, Joseph Rosenberg, and Richard Glaser.
Source: CFTC.gov
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