New York, NY – Gary Creagh and his firm, Wall Street Pirate Management, LLC, have been permanently banned from trading commodities and registering with the Commodity Futures Trading Commission (CFTC), following a court order issued May 10, 2017, and supplemented June 16, 2017, by Judge J. Paul Oetken of the U.S. District Court for the Southern District of New York. The defendants were also ordered to pay a $125,000 civil monetary penalty.
The case originated from a CFTC complaint filed August 5, 2015, alleging that Creagh and Wall Street Pirate made false statements to the National Futures Association (NFA) in required reports and during an NFA audit. A consent order for a permanent injunction was initially entered on April 25, 2016, finding the defendants liable.
According to court findings, between December 2011 and September 2013, Creagh willfully misrepresented the status of a commodity pool operated by Wall Street Pirate to the NFA. Despite actively trading commodity futures and accepting funds from investors, Creagh repeatedly claimed the pool was inactive. He also failed to maintain accurate books and records, and did not provide required account statements or privacy notices to pool participants.
“The Commission often relies on self-regulatory organizations like the NFA as a first line of defense to help protect customers and preserve the integrity of the markets,” stated James McDonald, Director of the CFTC’s Division of Enforcement. “But for that to work, we must be confident that the NFA is getting true and accurate information. This action…shows that lies to the NFA – just like lies to the Commission – will not be tolerated.”
The NFA, a Chicago-based self-regulatory organization registered with the CFTC, is responsible for overseeing aspects of the futures industry. The CFTC acknowledged the NFA’s cooperation in the investigation. The case was led by CFTC staff members Kassra Goudarzi, Jonah E. McCarthy, Timothy J. Mulreany, Patricia Gomersall, and Paul G. Hayeck.
Source: CFTC.gov
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