Charlotte, NC – Pamela Kingsfield was ordered to pay $175,000 in ill-gotten gains on October 25, 2006, following a ruling by U.S. District Judge Richard L. Voorhees of the Western District of North Carolina. The judgment stems from a Commodity Futures Trading Commission (CFTC) complaint alleging a fraudulent telemarketing scheme involving illegal futures contracts.
The CFTC initially filed the complaint on March 13, 2000, against Kingsfield, IBS, Inc., IMC Trading, Inc., Joe Miller Company (doing business as IMC Trading), and Mazuma Trading Group, Inc. (doing business as Pinpoint Marketing, Ltd.), collectively known as the IMC Common Enterprise, as well as individuals Alan Stein, Joseph Finateri, and Michael Temple. The case, CFTC v. IBS, Inc., et al., centered on the sale of illegal, off-exchange futures contracts in commodities like silver, palladium, and heating oil.
According to the CFTC, the defendants engaged in fraudulent practices by misrepresenting potential profits to investors and failing to adequately disclose the associated risks. Kingsfield allegedly received $175,000 as a result of these fraudulent activities without providing any legitimate goods or services in return. The court found that these funds constituted ill-gotten gains subject to disgorgement.
This order represents the final relief sought by the CFTC in this matter. Previously, judgments were entered against all defendants, resulting in collective restitution, disgorgement, and civil monetary penalties exceeding $15.8 million. The CFTC’s enforcement team included Timothy J. Mulreany, Paul Hayeck, and Joan Manley.
The case highlights the CFTC’s ongoing efforts to combat fraud in the commodities markets and protect investors from deceptive practices. This resolution brings closure to a case that has been ongoing since 2000, demonstrating the agency’s commitment to pursuing justice in complex financial schemes.
Source: CFTC.gov
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