TAMPA, FL – Edward J. Evors of Tampa, Florida, has been ordered to pay $452,000 in restitution and a $452,000 civil penalty for defrauding customers, the U.S. Commodity Futures Trading Commission (CFTC) announced today. The judgment, entered on July 31, 2008, by the Honorable Richard A. Lazzara of the U.S. District Court for the Middle District of Florida, also permanently prohibits Evors from engaging in any commodity trading-related activities.
The CFTC charged Evors with misappropriating customer funds intended for investment in commodity futures contracts through Coyt E. Murray and his firm, Tech Traders, Inc., based in North Carolina. Instead of forwarding the funds to Tech Traders, Evors allegedly stole the money and attempted to cover up the theft by issuing false account statements to customers, falsely representing that their investments were intact.
Evors solicited funds from customers directing them to send money to two Nevada-based companies he controlled: Bally Lines, Ltd., and GPS Fund, Ltd. The court also issued default judgments against these companies, ordering them to disgorge the funds they received from Evors’ customers. According to the CFTC, these firms provided no legitimate services and had no rightful claim to customer funds.
This case is connected to a prior CFTC enforcement action against Murray and Tech Traders, where they and other defendants were collectively ordered to pay over $30 million in sanctions by the U.S. District Court of New Jersey. The current action against Evors resolves the CFTC’s claims regarding his role in the larger scheme.
Evors has never been registered with the CFTC in any capacity. The case was pursued by CFTC staff members Elizabeth M. Streit, David A. Terrell, Joy H. McCormack, Scott R. Williamson, Rosemary Hollinger, and Richard Wagner.
Source: CFTC.gov
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