Cincinnati, OH – John R. Bullar, 48, is facing federal charges following a civil enforcement action filed by the U.S. Commodity Futures Trading Commission (CFTC) on September 23, 2014, in the U.S. District Court for the Southern District of Ohio. Bullar, along with his company Executive Management Advisors L.L.C., is accused of orchestrating a fraudulent scheme that defrauded over 40 investors out of $8.3 million.
The CFTC alleges that Bullar, acting as a Commodity Pool Operator (CPO) and Commodity Trading Advisor (CTA), fraudulently solicited funds from investors with the promise of pooling and trading in futures and options contracts. However, the complaint details a Ponzi scheme where only a fraction of the collected funds were actually used for trading. Approximately $6 million of investor funds were allegedly misappropriated by Bullar for personal expenses, cash withdrawals, and transfers to accounts under his control.
According to the CFTC, Bullar and his company provided investors with false account statements that fabricated profits and concealed trading losses. These fictitious statements were used to pay earlier investors, perpetuating the Ponzi scheme. The complaint further alleges that Bullar failed to disclose crucial information to investors, including the fact that most of their funds would not be invested, and that funds were being embezzled. Bullar also allegedly failed to register as a CPO and CTA as required by federal law.
The CFTC is seeking restitution, disgorgement of ill-gotten gains, civil monetary penalties, permanent registration and trading bans, and permanent injunctions against Bullar to prevent further violations of commodity laws. The case is being pursued in conjunction with the United States Attorney’s Office for the Southern District of Ohio, the Internal Revenue Service, the Ohio Department of Commerce, and the Office of the Hamilton County Prosecuting Attorney.
Investors are encouraged to report suspicious activities related to commodity trading to the CFTC via the toll-free hotline 866-FON-CFTC or by filing a complaint online.
Source: CFTC.gov
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