ATLANTA, GA – September 26, 2007 – Gregg R. Amerman of Alpharetta, Georgia, is facing charges of commodity fraud following a complaint filed by the U.S. Commodity Futures Trading Commission (CFTC) in the U.S. District Court for the Northern District of Georgia. The complaint, filed September 18, 2007, alleges Amerman misappropriated over $675,000 from investors.
According to the CFTC, between September 2002 and April 2004, Amerman solicited approximately $1.2 million from 22 public customers to invest in the Dream Venture Group LLC (DVG) commodity pool. DVG then invested these funds into Tech Traders, Inc., a hedge fund, and Amerman allegedly negotiated an undisclosed fee arrangement benefitting his companies: World Alliance Group, Inc., Gregg Amerman Companies, Inc., and Zero Doubt, LLC.
The CFTC alleges that while entitled to roughly $135,000 in fees from the agreement, Amerman diverted over $810,000 to himself and his controlled companies. The complaint details that Amerman distributed falsified account statements to customers, inflating reported profits beyond what Tech Traders actually delivered. He also allegedly commingled customer funds with his personal accounts and those of the companies named as relief defendants.
The CFTC further claims Amerman operated as an unregistered commodity pool operator. More than $375,000 of the misappropriated funds were allegedly transferred to World Alliance, Amerman Inc., and Zero Doubt, which the CFTC argues provided no legitimate services and have no claim to the customer funds. The CFTC is seeking disgorgement of all customer funds received by these companies.
This case is connected to an ongoing CFTC action against Tech Traders and other entities, which resulted in over $30 million in sanctions, as outlined in CFTC Press Release 5357-07 from July 23, 2007. The CFTC acknowledged the assistance of the Office of the U.S. Attorney for the Northern District of Georgia in this matter.
Source: CFTC.gov
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