WASHINGTON, D.C. – Maros Miklas of Trnava, Slovak Republic, is facing charges of commodity futures fraud following an enforcement action filed by the U.S. Commodity Futures Trading Commission (CFTC) on September 20, 2007. The CFTC alleges that Miklas defrauded a Canadian citizen out of $213,066.30 through a scheme involving fictitious trading reports and unauthorized trades.
According to the complaint, Miklas met Kim Lim, a resident of Ottawa, Canada, in late 2005 through an online chat room operated by Miklas on Paltalk.com. Miklas allegedly presented himself as a successful commodity futures trader to Lim, providing fabricated trading reports to build trust. In January 2006, Miklas convinced Lim to open two futures trading accounts and grant him power of attorney to trade on their behalf.
The CFTC claims that on December 21, 2006, Miklas engaged in a series of manipulative trades on the Chicago Board of Trade’s eCBOT platform, using both his own account and Lim’s accounts. These trades resulted in a loss of $213,066.30 for Lim, while Miklas personally gained $211,304.10. The agency alleges this constituted a deliberate act of fraud.
The CFTC is seeking a permanent ban on Miklas trading commodity futures in the United States. Additionally, the agency is requesting restitution be paid to the defrauded customer, Kim Lim, and a civil monetary penalty levied against Miklas. The amount of the proposed penalty was not specified in the release.
The case was led by CFTC Division of Enforcement members Mark Bretscher, William Janulis, Ralph Der Asadourian, Scott Williamson, Rosemary Hollinger, and Richard Wagner.
Source: CFTC.gov
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