New York, NY – November 29, 2012 – Marc Perlman of Rancho Cucamonga, California, has been slapped with a default judgment and permanent injunction following a Commodity Futures Trading Commission (CFTC) investigation into a Ponzi scheme. Judge Barbara S. Jones of the U.S. District Court for the Southern District of New York issued the order, finding Perlman and his firm, iGlobal Strategic Management, LLC, liable for defrauding investors.
The CFTC initially filed a complaint on August 28, 2012, alleging that Perlman operated a fraudulent commodity pool, soliciting at least $670,000 from a minimum of 17 individuals, many of whom were members of the deaf community. The court found that Perlman and iGlobal violated anti-fraud provisions of the Commodity Exchange Act.
The judgment mandates that Perlman and iGlobal jointly pay a civil monetary penalty of $1,794,537 and restitution totaling $598,179 to the victims. Furthermore, both Perlman and his company are permanently banned from engaging in trading and registration activities related to commodities.
According to the order, Perlman made false and misleading statements regarding the profitability of iGlobal’s trading activities. He claimed to have earned profits when, in reality, iGlobal’s trading accounts were either losing money or generating significantly lower returns than advertised. The scheme involved soliciting investments for leveraged off-exchange foreign currency contracts (forex).
Investigators discovered that only approximately $305,000 – less than half of the funds collected from investors – was actually transferred to trading accounts. The vast majority of those transferred funds were lost. The order also revealed that at least $365,000 of investor funds were misappropriated for personal expenses, including fictitious profit payments, cash withdrawals, and covering Perlman’s rent and utilities.
The CFTC acknowledged the assistance provided by the National Futures Association and the U.K. Financial Services Authority in the investigation.
Source: CFTC.gov
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