HOMESTEAD, FL – Jeremy Munson Globe, of Homestead, Florida, has been permanently banned from trading commodities and registering with the CFTC after being found to have committed fraud against the National Futures Association (NFA), according to a federal court order issued October 4, 2012. Globe, and the company he operated, GlobeFX Club, Inc. (GFC), will jointly pay a $350,000 civil penalty.
The U.S. Commodity Futures Trading Commission (CFTC) brought the case, alleging that Globe made false statements and concealed material facts during an NFA investigation and audit in February and March of 2009. Judge Paul C. Huck of the U.S. District Court for the Southern District of Florida entered the consent order, permanently prohibiting Globe and GFC from violating the Commodity Exchange Act.
The CFTC complaint, originally filed on March 17, 2011, detailed how Globe falsely claimed to the NFA that GFC had never operated a pool or managed client accounts. The order found this statement to be untrue. Further, Globe repeatedly denied, both in writing and verbally, that GFC operated a commodity pool, received client funds, managed client accounts, or held a trading account under the firm’s name. He also falsely asserted that GFC’s disclosure document had been approved by the NFA.
The consent order imposes permanent trading and registration bans on both Globe and GFC, in addition to the substantial monetary penalty. The case was led by CFTC Division of Enforcement staff including Tracey Wingate, Timothy J. Mulreany, Sophia Siddiqui, Michael Amakor, Paul Hayeck, and Joan Manley.
The investigation highlighted the CFTC’s commitment to ensuring transparency and accountability within the commodities market, particularly in regards to firms dealing with client funds.
Source: CFTC.gov
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