BOCA RATON, FL – Michael A. Meisner, a resident of Boca Raton, Florida, is facing charges of commodity pool fraud following a complaint filed by the U.S. Commodity Futures Trading Commission (CFTC) on September 23, 2008, in the U.S. District Court for the Southern District of Florida. The complaint alleges that Meisner and his company, Phoenix Diversified Investment Corp. (Phoenix), fraudulently solicited investments for a commodity pool and misappropriated funds from participants.
The CFTC alleges that between May 2003 and March 2008, the Phoenix commodity pool, which traded commodity futures, sustained net losses of approximately $5.8 million. Meisner is accused of falsely claiming Phoenix possessed a proprietary software program guaranteeing high profits, and of making several material misrepresentations to attract and retain investors.
According to the complaint, Phoenix account statements indicated a cumulative balance of over $4 million in the pool as of March 31, 2008. However, participants were subsequently denied withdrawal requests, and checks issued by Phoenix were reportedly returned due to insufficient funds. On April 21, 2008, Meisner allegedly informed pool participants that Phoenix was ceasing operations due to a “cash flow situation,” later admitting the company had no funds available, having used them for distributions to participants and his personal expenses.
The CFTC also alleges that Phoenix operated as a commodity pool operator without proper registration, violating federal commodities laws. Furthermore, Victoria R. Meisner, Michael Meisner’s wife, is named as a relief defendant, accused of receiving at least $1 million in improperly obtained funds.
The CFTC is seeking a statutory restraining order, preliminary and permanent injunctive relief, restitution for defrauded participants, repayment of ill-gotten gains, and civil monetary penalties. Both Phoenix and Michael Meisner have filed for bankruptcy protection amidst the ongoing litigation. The State of Florida, Office of Financial Regulation, Bureau of Financial Investigations, assisted in the investigation.
Source: CFTC.gov
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