Miami, FL – Jose S. Rubio, 41, of Surfside, Florida, is facing charges of fraud following a civil enforcement action filed by the U.S. Commodity Futures Trading Commission (CFTC) on June 7, 2012, in the U.S. District Court for the Southern District of Florida.
Rubio, along with his company Rubio Wealth Management, LLC (RWM) of Coral Gables, Florida, is accused of defrauding investors through a commodity pool used to trade commodity futures and off-exchange foreign currency contracts. The CFTC alleges that from January 2008 through June 2012, Rubio and RWM solicited at least $1.8 million from over 21 individuals.
According to the complaint, Rubio and RWM lost more than $900,000 through trading and misappropriated at least $820,000 of investor funds. Prosecutors claim Rubio misrepresented information to investors and operated the scheme as a Ponzi scheme, using funds from new investors to pay earlier investors.
The CFTC further alleges that Rubio commingled investor funds with those of RWM, failed to register as a commodity pool operator with the agency, and refused to provide requested documents during the investigation. Rubio is also accused of providing false investment performance reports to at least one investor, concealing trading losses and the misappropriation of funds.
The CFTC is seeking civil monetary penalties, restitution for the defrauded investors, bans on trading and registration, and both preliminary and permanent injunctions to prevent further violations of federal commodities laws. The Florida Office of Financial Regulation and the Financial Industry Regulatory Authority assisted in the investigation.
As of June 7, 2012, the case is ongoing, and Rubio has not yet entered a plea. The CFTC’s enforcement team includes Christopher Giglio, David Oakland, Nathan Ploener, Manal Sultan, Lenel Hickson, Steve Obie, and Vincent McGonagle.
Source: CFTC.gov
Related Federal Cases
- Orlando Pascual Jr., HIV Treatment Medicare Fraud, Miami FL, 2023 · Mississippi
- Juan A. Tony Marrero, Medicare Fraud Scheme, Miami FL, 2023 · Texas
- Juan A. Tony Marrero, Medicare Fraud Scheme, Miami FL, 2024 · Florida
- Alton Plunkett, Tax Fraud, New York NY, 2023 · New York
- Letitia James, Tax Fraud and Bribery, New York 2023 · New York
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News