New York, NY – August 7, 2015 – Gary Creagh, of New York, New York, is facing charges of fraud related to false reporting to the National Futures Association (NFA), the U.S. Commodity Futures Trading Commission (CFTC) announced today.
Creagh, the managing member and sole employee of Wall Street Pirate Management, LLC, allegedly made false statements and concealed information from the NFA between December 2011 and September 2013. According to a complaint filed on August 5, 2015, in the U.S. District Court for the Southern District of New York, Creagh falsely claimed the commodity pool he operated was inactive while simultaneously accepting funds from potential investors and actively trading commodity futures on its behalf.
The CFTC also alleges that Wall Street Pirate, under Creagh’s direction, failed to maintain required books and records, and did not provide necessary account statements and privacy notices to investors in the commodity pool.
The NFA, a Chicago-based self-regulatory organization registered with the CFTC, is responsible for overseeing aspects of futures entity regulation. Creagh’s actions represent a violation of the Commodity Exchange Act (CEA).
The CFTC is seeking disgorgement of any ill-gotten gains, restitution for defrauded customers, a civil monetary penalty, permanent trading and registration bans, and a permanent injunction against further violations of federal commodities laws. The amount of the penalty has not yet been determined.
The case is being litigated by CFTC staff members Jonah E. McCarthy, Timothy J. Mulreany, Patricia Gomersall, and Paul G. Hayeck. The CFTC expressed gratitude for the cooperation of the NFA in the investigation.
Dennis Holden is the media contact for this case, reachable at 202-418-5088.
Source: CFTC.gov
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