Jeremy Munson Globe, of Homestead, Florida, has been charged with fraud by the U.S. Commodity Futures Trading Commission (CFTC), according to a complaint filed on March 17, 2011, in the U.S. District Court for the Southern District of Florida.
The CFTC alleges that Globe, a principal of GlobeFX Club, Inc. (GFC), engaged in a scheme to conceal material facts and made false statements to the National Futures Association (NFA) during an investigation and audit in February and March 2009. Both Globe and GFC were registered with the CFTC during the relevant period.
The complaint details that Globe knowingly made false statements regarding GFC’s business operations, the management of client accounts, the amount of funds managed, and the number of clients. He also allegedly failed to fully and promptly produce requested documents to the NFA.
These actions were taken to conceal that GFC was soliciting and accepting funds from pool participants, and pooling those funds, in violation of NFA Compliance Rules. The NFA subsequently permanently barred GFC from membership on October 1, 2009.
The CFTC is seeking disgorgement of any ill-gotten gains, a civil monetary penalty, permanent trading and registration bans, and a permanent injunction against further violations of federal commodities laws. The agency also received assistance from the NFA during the investigation.
The case is being prosecuted by Amanda Harding, Randolph Lam, Tracey Wingate, Sophia Siddiqui, Michael Amakor, Timothy J. Mulreany, Paul Hayeck and Joan Manley of the CFTC’s Division of Enforcement. The CFTC’s media contact for this case is Dennis Holden at 202-418-5088.
Source: CFTC.gov
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