A Hawaii man is facing civil charges from the Commodity Futures Trading Commission (CFTC) for allegedly running a fraudulent forex and futures trading scheme. Gregory Demetrius Bryant Jr., formerly of Hawaii, is accused of misappropriating over $422,000 from at least 35 investors between September 2016 and June 2020.
According to the CFTC complaint filed in U.S. District Court for the District of Hawaii, Bryant, operating under the alias “Gregory Surrey England” and a fictitious company “Surrey Libor Capital, LLC,” falsely promised investors monthly returns ranging from $6,000 to $8,000, or 60 to 80 percent. He allegedly misrepresented his trading experience, success, and registration status with the National Futures Association.
The CFTC alleges Bryant failed to disclose a history of financial problems, including three prior bankruptcies, and a criminal conviction. Instead of legitimately trading futures and forex, Bryant is accused of diverting approximately $356,000 to cover personal expenses such as international travel, shopping, and rent. An additional $66,000 was allegedly used to make Ponzi payments to earlier investors, masking the fraudulent nature of the operation.
The complaint further details that Bryant falsely reassured investors about their account status and blamed delays in returns on the coronavirus pandemic to conceal his misappropriation of funds. The CFTC is seeking restitution, disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against Bryant.
The CFTC acknowledged assistance from the National Futures Association, the Federal Bureau of Investigation, and the U.S. Attorney’s Office for the District of Hawaii in the investigation. Customers are encouraged to verify registration status with the CFTC before investing and to report suspicious activity via the CFTC’s hotline at 866-FON-CFTC.
Source: CFTC.gov
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