KANSAS CITY, MO – Gregory Christopher Evans, a former risk management consultant, was hit with a hefty penalty and lifetime ban from commodity trading after admitting to fraud and unauthorized trading, the Commodity Futures Trading Commission (CFTC) announced on June 16, 2015. Senior Judge Ortrie D. Smith of the U.S. District Court for the Western District of Missouri issued a Consent Order against Evans, imposing a civil monetary penalty of $1,213,578.94.
The CFTC initially filed an enforcement action against Evans in September 2014, alleging fraudulent activity and unauthorized swaps trading. The investigation revealed that between May 23, 2013, and July 19, 2013, while employed at a Futures Commission Merchant (FCM), Evans knowingly executed 30 unauthorized swap transactions on behalf of a customer. These transactions resulted in approximately $1.2 million in losses for the customer.
According to the Order, Evans engaged in the unauthorized trades in an attempt to cover up previous trading losses, concealing the full extent of the damage from both the customer and his employer, the FCM. The CFTC determined that Evans’ actions constituted a clear breach of trust and a violation of commodity trading regulations.
In addition to the substantial financial penalty, the Consent Order permanently bans Evans from registering with the CFTC and participating in any future commodity-related activities, effectively ending his career in the industry. The case highlights the CFTC’s commitment to pursuing and penalizing individuals who engage in fraudulent and unauthorized trading practices.
The CFTC’s Division of Enforcement, led by staff members Sophia Siddiqui, Dmitriy Vilenskiy, Jonah E. McCarthy, Stephen Barrows, John Einstman, Rachel Hayes, and Paul G. Hayeck, investigated the matter. Assistance was also provided by Kevin Piccoli, Thomas J. Bloom, Jan Ripplinger, and Lauren Fulks from the CFTC Division of Swap Dealer and Intermediary Oversight.
Source: CFTC.gov
Related Federal Cases
- Albert Davis, Wire Fraud, Kansas City, MO, 2023 · Texas
- Russell Hopkins, Securities Fraud Conspiracy, Kansas City MO, 2023 · Missouri
- Reta Jo Carpenter, Social Security Fraud, MO, 2023 · Nevada
- Lisa Kaye Barwick-Majeski, Nigerian Fraud Scheme, MO, 2023 · Illinois
- Mohamed Laye Dioubate, Credit Card Fraud, Beaumont TX, 2024 · Washington
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News