Statesboro, GA – Joseph L. Autry Jr. has been charged with operating a $265,200 Ponzi scheme targeting seven customers in Georgia, according to a complaint filed by the U.S. Commodity Futures Trading Commission (CFTC) on September 21, 2010, in the U.S. District Court for the Southern District of Georgia.
Autry, operating through his company Autry Capital Management LLC (formerly Joey Autry LLC), allegedly solicited funds from customers beginning in May 2008 and continuing until January 2010, with the promise of trading commodity futures contracts. However, the CFTC alleges Autry misappropriated over $176,000 of the pooled customer funds for personal debts and expenses.
The complaint details that Autry utilized a classic Ponzi scheme structure, paying earlier investors with funds from new investors, and fabricating trading profits to create the illusion of successful investments. He also allegedly used misappropriated funds to pay himself fees and commissions based on these false profits. Autry further concealed his actions by providing customers with false statements detailing fictitious trading gains.
The CFTC is seeking full restitution for the defrauded customers, along with the disgorgement of any ill-gotten gains, rescission of contracts, civil monetary penalties, and a permanent injunction barring Autry from future violations of federal commodities laws. The CFTC also seeks a ban on Autry’s ability to trade and register with the commission.
The CFTC acknowledged the assistance of the Federal Bureau of Investigation and the U.S. Attorney’s Office for the Southern District of Georgia in this ongoing case.
Source: CFTC.gov
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