Gregory Demetrius Bryant Jr., Fraud, Hawaii 2021
Gregory Demetrius Bryant Jr., formerly of Hawaii, is facing charges of fraudulent solicitation, misappropriation of funds, operating an unlawful commodity pool, and failing to register with the Commodity Futures Trading Commission (CFTC). The CFTC filed a civil enforcement action against Bryant in the U.S. District Court for the District of Hawaii on September 16, 2021.
According to the complaint, Bryant allegedly solicited approximately $426,000 from at least 35 individuals between September 2016 and June 2020, promising returns through pooled futures and foreign currency (forex) trading. However, the CFTC alleges that Bryant misappropriated at least $356,000 for personal expenses – including international travel, shopping, and rent – and another $66,000 was used to make Ponzi payments to earlier investors in an attempt to conceal his scheme.
Bryant reportedly operated under the alias “Gregory Surrey England” and falsely claimed to be the president of a nonexistent company called “Surrey Libor Capital, LLC.” He is accused of guaranteeing monthly returns ranging from $6,000 to $8,000, or 60% to 80%, while also making false statements about his trading experience, success, and registration with the National Futures Association. The complaint further alleges Bryant concealed a history of financial problems, including three prior bankruptcies, from potential investors.
Instead of legitimately trading futures and forex as promised, Bryant allegedly used the majority of investor funds for personal expenses and to create the illusion of returns. He reportedly told investors their accounts were in good condition or that pandemic-related issues affected payouts, further concealing his fraudulent activities.
The CFTC is seeking restitution, disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against Bryant to prevent future violations. The agency received assistance from the National Futures Association, the Federal Bureau of Investigation, and the U.S. Attorney’s Office for the District of Hawaii during its investigation.
Source: CFTC.gov
Source: https://www.cftc.gov/PressRoom/PressReleases/8426-21