WILMINGTON, DE – A Florida judge has ordered Edward Rubin and his associates to pay over $8.6 million in restitution and penalties for defrauding investors through a commodity pool scheme, according to a Commodity Futures Trading Commission (CFTC) announcement. The judgment, issued by Judge Brian J. Davis of the Middle District of Florida, targets Rubin, Maverick International, Inc., and Wesley Allen Brown.
The CFTC originally filed a complaint in March 2015, alleging a fraudulent scheme to solicit funds for a commodity pool purportedly trading futures contracts and precious metals. The court’s rulings require a combined payment of $8,605,274.92, encompassing $2,151,318.73 in restitution and $6,453,956.19 in civil monetary penalties.
Rubin is jointly responsible for $500,000 in restitution and $140,000 of the penalty, while Maverick International is liable for $2,065,178 in restitution and the full civil penalty amount. Notably, Wesley Allen Brown is held jointly and severally liable for the entire $8.6 million, despite already serving a seven-and-a-half-year prison sentence for separate securities fraud, embezzlement, and related crimes.
The investigation revealed Brown exploited his position as a pastor at a church in Flagler Beach, Florida, to convince congregants – including elderly members – to invest with Maverick International. The court specifically considered Brown’s “trusted position” and the vulnerability of his victims when determining the penalty.
The CFTC cautioned that recovery of funds for victims is not guaranteed, as the defendants may lack sufficient assets. However, the agency affirmed its commitment to protecting customers and holding perpetrators accountable. The case benefited from cooperation with multiple law enforcement agencies, including the Office of the State Attorney for the Seventh Judicial District of Florida and the North Carolina Department of the Secretary of State, Securities Division.
Source: CFTC.gov
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