Miami Beach resident Joerg Heierle has been found liable for over $6 million in penalties and restitution following a CFTC investigation into a fraudulent commodity pool scheme. The U.S. District Court for the Southern District of Florida entered a default judgment against Heierle and INH-Interholding SA on December 19, 2008, after they failed to respond to the CFTC’s complaint.
The court determined that Heierle and INH fraudulently solicited at least $4,367,206 from at least 25 investors. While the defendants sustained trading losses of $985,357 and returned $306,008 to investors as purported profits, the scheme ultimately defrauded participants out of a significant sum.
Heierle and INH were jointly and severally liable for $3,075,841 in restitution to the defrauded investors. In addition to the restitution, each defendant was ordered to pay a $3 million civil penalty. The court also permanently prohibited both Heierle and INH from any future involvement in commodity trading.
A separate default judgment was issued against Futures Trading Academy, Inc. (FTA), also of Bay Harbour, Florida, ordering the company to disgorge over $420,000 in customer funds. The CFTC had named FTA as a relief defendant, alleging the company received funds from investors without providing legitimate services.
The case originated from a complaint filed by the CFTC on September 12, 2007, alleging that Heierle and INH concealed trading losses by issuing false statements regarding the profitability of the investments. The investigation was led by CFTC staff members Kevin S. Webb, James H. Holl III, Kara Mucha, Michelle Bougas, Gretchen L. Lowe, and Vincent A. McGonagle.
The judgment was issued in Washington, D.C. on December 22, 2008.
Source: CFTC.gov
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