FORT LAUDERDALE, FL – Martin B. Rosenthal, of Fort Lauderdale, Florida, has been ordered to pay $1,196,000 in penalties and disgorgement for multiple violations of the Commodity Exchange Act, the U.S. Commodity Futures Trading Commission (CFTC) announced today, September 28, 2012.
A federal court order, entered on September 27, 2012, by Judge James I. Cohn of the U.S. District Court for the Southern District of Florida, requires Rosenthal to pay a $598,000 civil monetary penalty and disgorge the same amount. The order also permanently bans Rosenthal from trading and registering with the CFTC, and prohibits any further violations of the Commodity Exchange Act.
The CFTC complaint, originally filed on March 12, 2012, alleged that Rosenthal aided and abetted the willful concealment of material facts and the making of false statements to the National Futures Association (NFA). Specifically, Rosenthal created fraudulent invoices that falsely indicated consulting expenses paid by his company, when in reality, they were compensation for trading client accounts belonging to Angus Jackson, also of Florida.
The investigation revealed that from approximately January 2000 to December 2008, Rosenthal illegally traded futures and options for clients associated with Angus Jackson without being a registered Commodity Trading Advisor (CTA). This activity violated a prior CFTC order, which had already prohibited Rosenthal from trading on registered entities due to his failure to pay a $1988 reparations award.
The CFTC acknowledged the cooperation and assistance provided by the NFA throughout the investigation. The case was led by CFTC Division of Enforcement staff members Brian M. Walsh, Elizabeth L. Davis, Kenneth McCracken, Rick Glaser, and Richard Wagner.
Source: CFTC.gov
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