Edward J. Evors of Tampa, Florida, is facing charges of commodity fraud following a complaint filed by the U.S. Commodity Futures Trading Commission (CFTC) on September 17, 2007, in the U.S. District Court for the Middle District of Florida. The case, CFTC v. Evors, et al., No. 07-8-CV-01658, alleges Evors misappropriated at least $450,000 from investors.
According to the CFTC, Evors solicited funds from the public, claiming the money would be invested with Tech Traders, Inc. of North Carolina, for commodity futures trading. However, the complaint states Evors instead used the funds for personal expenses and attempted to cover his actions by providing investors with false account statements.
The CFTC alleges Evors knowingly solicited investments for Tech Traders up to 12 months after the company had ceased operations. Tech Traders is already the subject of a separate CFTC action in New Jersey, where it and other defendants have been ordered to pay over $30 million in sanctions.
Two Nevada companies controlled by Evors, Bally Lines Ltd. and GPS Fund, Ltd., have been named as relief defendants. The CFTC alleges Evors directed customers to send funds to these companies under the guise of investment with Tech Traders, but no funds were actually invested. The agency asserts neither company provided legitimate services or has a valid claim to the customer funds.
On September 18, Federal District Judge Richard A. Lazzara issued a statutory restraining order, freezing Evors’ assets and preventing the destruction of documents. A hearing on the CFTC’s motion for a preliminary injunction is scheduled for October 5, 2007.
The CFTC is seeking an order prohibiting Evors from engaging in commodity-related trading, requiring restitution to customers, a civil monetary penalty, and the disgorgement of all ill-gotten gains by both Evors and the relief defendant companies. The case is being prosecuted by Elizabeth R. Streit, David A. Terrell, Joy H. McCormack, Scott R. Williamson, Rosemary Hollinger, and Richard Wagner of the CFTC’s Division of Enforcement.
Source: CFTC.gov
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