Chicago, IL – Dimitry Vishnevetsky was ordered to pay $1,910,982 in penalties and $1,608,327 in restitution following a federal court order issued on February 26, 2014, by the Honorable Ruben Castillo of the U.S. District Court for the Northern District of Illinois. The judgment stems from a Commodity Futures Trading Commission (CFTC) enforcement action filed in May 2012, alleging fraud related to commodity pools and trading schemes.
Vishnevetsky, formerly of Chicago, Illinois, and his company, Oxford Capital, LLC, were found to have fraudulently solicited approximately $1.74 million from investors between the fall of 2006 and April 2012. The CFTC found that Vishnevetsky and Oxford misrepresented the performance of their commodity pools, claiming audited results when no actual trading occurred for the pools.
Furthermore, the court determined Vishnevetsky falsely claimed Hodges Trading LLC issued Libor Notes and invested in commodity futures contracts, enhancing the value of the notes. False account statements were issued to pool participants, and fictitious statements were sent to customers for accounts that were never opened or funded.
The Order detailed the misappropriation of at least $637,000 in customer and pool participant funds for personal use. In a parallel criminal case brought by the US Attorney’s Office, Vishnevetsky was sentenced on March 4, 2013, to six years in federal prison and is currently incarcerated at the Federal Prison Camp in Duluth, Minnesota.
The court’s order imposes permanent trading and registration bans on both Vishnevetsky and Oxford Capital, LLC, prohibiting them from violating provisions of the Commodity Exchange Act. The CFTC acknowledged the assistance of the Federal Bureau of Investigation and the United States Attorney’s Office for the Northern District of Illinois in the investigation.
The CFTC encourages anyone with information regarding suspicious activity to contact them via their toll-free hotline at 866-FON-CFTC or submit a tip online.
Source: CFTC.gov
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