Lehi, Utah resident Kimball Parker and his company, MakeYourFuture, LLC (MYF), have been ordered to pay over $1.2 million in restitution and penalties for defrauding customers, according to a May 19, 2017 Consent Order entered by Judge Bruce S. Jenkins of the U.S. District Court for the District of Utah.
The U.S. Commodity Futures Trading Commission (CFTC) originally filed charges against Parker and MYF on September 21, 2016, alleging fraud related to the marketing and sale of a futures trading system branded as “MakeYourFuture” and “Changes Trading.” The Consent Order requires Parker and MYF to jointly pay $853,294.98 in restitution to victims, as well as a $354,000 civil monetary penalty.
This case is connected to a separate Default Judgment issued on February 1, 2017, against Timothy Baggett of Lakeland, Florida, and his companies, Changes Worldwide LLC and Changes Trading LLC. Baggett and his companies were also found liable for fraud in connection with the same trading system. That judgment mandates a combined restitution payment of $498,600.97 and a civil penalty of $1,495,802.91.
The court found that Parker and Baggett falsely advertised the profitability of their trading system, claiming it “never had a losing month” and generated annual returns of 300%. They also presented fabricated monthly returns ranging from 11% to 68% for 2014, despite not conducting any actual trading to support those claims. Evidence showed both Parker and Baggett consistently lost money in their personal futures trading accounts, and customers using the system also experienced consistent losses.
At least 289 customers were induced to purchase the trading system, paying over $853,249.98. In addition to the financial penalties, the defendants are prohibited from engaging in future trading activities, soliciting funds, or seeking any form of registration with the CFTC.
The CFTC warns that restitution orders do not guarantee full recovery of losses for victims. The agency states it will continue to pursue accountability for fraudulent actors. The CFTC acknowledged the assistance of the Florida Office of Financial Regulation and the U.S. Attorney for the District of Utah in this investigation.
Source: CFTC.gov
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