Pompano Beach, Florida resident Leslie Weiner has been penalized by the Commodity Futures Trading Commission (CFTC) for commodity fraud, the agency announced on January 9, 2008. The settlement, entered on January 8, 2008, by the Honorable Joan A. Lenard of the U.S. District Court for the Southern District of Florida, concludes a case dating back to a complaint filed on September 21, 2004.
Weiner, a former employee of Liberty Financial Trading Corp., Inc. (LFTC) and Liberty Real Assets Investment Corporation (LRAIC), is required to pay a $100,000 civil monetary penalty and $70,000 in restitution to customers defrauded by LFTC and LRAIC. He is also permanently prohibited from engaging in any activity related to commodities, including trading, soliciting funds, or directing commodity interest accounts.
The CFTC alleged that Weiner, while associated with LFTC and later LRAIC, engaged in fraudulent solicitations. Specifically, he misrepresented the potential for profits from commodity options trading, failed to adequately disclose the risks involved, and concealed the poor performance history of LFTC and LRAIC in trading for their customers. He also allegedly misrepresented the actual performance of customer accounts.
This case is related to a prior settlement reached on April 24, 2007, involving LFTC, LRAIC, and Ted Romeo. That order required LFTC and LRAIC to pay $9.783 million in restitution, with Romeo being jointly liable for $300,000 of that amount. Additionally, LFTC was assessed a $6 million penalty, LRAIC $500,000, and Romeo $120,000.
The case was led by CFTC Division of Enforcement staff members Alan Edelman, James Holl III, Lacey Dingman, Gretchen Lowe, and Vincent A. McGonagle.
Source: CFTC.gov
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