Chicago, IL – Dimitry Vishnevetsky, of Chicago, Illinois, faces federal charges following a CFTC complaint and a criminal indictment filed on May 1, 2012. The U.S. Commodity Futures Trading Commission (CFTC) and the U.S. Attorney’s Office for the Northern District of Illinois allege Vishnevetsky and his now-defunct company, Oxford Capital, LLC (OCL), engaged in a fraudulent scheme involving commodity pools and trading.
According to the complaint, Vishnevetsky and OCL fraudulently solicited at least $1.74 million from investors beginning in the fall of 2006. The CFTC alleges the defendants falsely claimed their commodity pools had profitable, audited performance records, despite never actually conducting any trading for the pools.
Vishnevetsky, operating under the names Hodges Trading LLC and Hodges Court Trading, is also accused of misrepresenting that his company issued Libor Notes and invested in commodity futures contracts to increase their value – claims the CFTC asserts were false. Investigators say a portion of investor funds were misappropriated and false account statements were issued.
The complaint further details accusations that Vishnevetsky failed to open or fund trading accounts for customers, did not execute trades on their behalf, and instead misappropriated their money while providing them with fabricated account statements.
The CFTC is seeking civil monetary penalties, restitution, disgorgement of ill-gotten gains, and permanent trading bans against Vishnevetsky. The FBI assisted in the investigation, and the U.S. Attorney’s Office filed a parallel criminal indictment against Vishnevetsky on the same day as the CFTC complaint. The amount of potential penalties and restitution has not yet been determined.
The case is being pursued by CFTC staff members Diane M. Romaniuk, Heather Johnson, Ava M. Gould, Scott R. Williamson, Rosemary Hollinger, and Richard B. Wagner.
Source: CFTC.gov
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