Naples, FL – Dorian A. Garcia, 41, faces federal charges of fraud, misappropriation of funds, and registration violations following a CFTC complaint and subsequent emergency restraining order issued by Judge Sheri Polster Chappell of the U.S. District Court for the Middle District of Florida on April 20, 2015. The order freezes assets and prohibits the destruction of records related to Garcia and his companies: DG Wealth Management, Macroquantum Capital LLC, and UKUSA Currency Fund LP.
The CFTC alleges Garcia fraudulently solicited approximately $4.7 million from at least 80 customers between May 2010 and the present, offering investments in foreign currency (forex) and options trading pools. According to the complaint, Garcia made false promises to investors, including assurances that their principal was protected by a large collateral account, misrepresentations about the total funds under management, and falsified reports of trading profits. He allegedly distributed fabricated account statements to investors to inflate their perceived balances.
Investigators claim Garcia operated a Ponzi scheme, returning approximately $2.1 million to earlier investors using funds obtained from new investors. The CFTC alleges Garcia misappropriated around $2.5 million in investor funds for personal expenses, including art purchases, domestic help, jewelry, and transfers to his personal bank accounts.
Furthermore, the complaint states that Garcia and DG Wealth operated as unregistered entities, violating CFTC regulations requiring registration for the services they provided. The CFTC is seeking restitution, disgorgement of ill-gotten gains, civil monetary penalties, trading and registration bans, and a permanent injunction against further violations of federal commodities laws.
The Florida Office of Financial Regulation, Bureau of Financial Investigations, in Miami, Florida assisted in the investigation. A hearing is scheduled for April 29, 2015. The case is being prosecuted by Susan Padove, Ashley Burden, Mary Elizabeth Spear, Ava M. Gould, Scott R. Williamson, and Rosemary Hollinger of the CFTC’s Division of Enforcement.
The CFTC urges investors to be cautious of forex and commodity pool fraud, and provides resources to identify potential scams.
Source: CFTC.gov
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