CLEARWATER BEACH, FL – Leiza Fitzgerald was permanently barred from commodity futures and options trading and ordered to pay a $25,000 penalty following a judgment entered on October 19, 2006, by U.S. Magistrate Judge Mary S. Scriven of the U.S. District Court for the Middle District of Florida. The case stems from charges brought by the U.S. Commodity Futures Trading Commission (CFTC) in CFTC v. R. J. Fitzgerald & Co., Inc., et al.
The CFTC’s amended complaint alleged that Fitzgerald, along with R. J. Fitzgerald & Co., Inc. (RJFCO) and her husband, Raymond Fitzgerald, Jr., violated anti-fraud provisions of the Commodity Exchange Act (CEA). The violations relate to the solicitation and sale of commodity futures and options contracts.
In October 2002, the U.S. Court of Appeals for the Eleventh Circuit found that RJFCO, Leiza Fitzgerald, and Raymond Fitzgerald violated the CEA’s anti-fraud provisions. The court determined that the firm’s practice of attracting customers with optimistic profit projections while concealing the fact that 95% of its clients were losing money constituted a material omission and a violation of the CEA.
The current order against Leiza Fitzgerald represents a resolution of the charges against her specifically, while litigation continues against RJFCO and Raymond Fitzgerald, Jr. The injunction permanently prohibits Leiza Fitzgerald from engaging in any business activities related to commodity futures and options trading.
The CFTC’s case was led by staff members Timothy J. Mulreany, Paul Hayeck, and Joan Manley.
Source: CFTC.gov
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