FORT LAUDERDALE, FL – Kalpana Patel has been ordered to disgorge over $2.3 million for her role in a multi-million dollar commodity pool fraud scheme, the Commodity Futures Trading Commission (CFTC) announced Monday. The orders, entered by U.S. Magistrate Judge William Matthewman of the Southern District of Florida, resolve charges against Patel and the now-defunct Bluprint LLC.
The CFTC alleges that Bluprint LLC, owned by the late Rajiv Patel, fraudulently solicited approximately $11.8 million from roughly 16 investors to trade commodity futures and options. Instead of investing the funds as promised, Bluprint and Rajiv Patel are accused of misappropriating the money for personal expenses, including mortgages on two Palm Beach County homes, vehicle loans, and over $678,000 in combined personal loans and credit card debt.
The scheme further involved Ponzi-like payments of approximately $2.9 million to some investors, masking the underlying losses and perpetuating the fraud. Bluprint and Rajiv Patel also allegedly traded in personal accounts instead of the designated pool accounts and provided investors with falsified account statements to conceal their activities.
In addition to failing to properly invest client funds, the CFTC found that Bluprint and Rajiv Patel failed to comply with CFTC registration requirements for commodity pool operators. Rajiv Patel’s death does not absolve the liability of Bluprint LLC and the involvement of Kalpana Patel, who benefited from the illicit gains.
Under the consent orders, Bluprint LLC must pay $8,863,753.77 in restitution to the defrauded investors, while Kalpana Patel is required to disgorge $2,334,467.25. The CFTC initially filed its complaint in January 2022, with an amended complaint following in November 2022.
The CFTC cautions investors that recovery of funds is not guaranteed, as wrongdoers may lack the assets to fulfill restitution orders. The investigation was led by Elsie Robinson, Monique McElwee, Jeff Le Riche, Chris Reed, and Charles Marvine of the CFTC’s Division of Enforcement.
The CFTC encourages the public to verify the registration status of commodity trading firms using the NFA BASIC system and to report any suspicious activity via their toll-free hotline or online complaint form.
Source: CFTC.gov
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