Texas resident Peter L. Bryant and his company, Bryant Capital Trade Management Corporation, are facing penalties following a Commodity Futures Trading Commission (CFTC) order filed on August 15, 2023. The CFTC charged Bryant and Bryant Capital with fraud related to acting as an unregistered commodity trading advisor (CTA) and failing to register as such.
The order mandates that Bryant and Bryant Capital, jointly and severally, pay $55,655.90 in restitution to affected clients and a $195,000 civil monetary penalty. Additionally, both Bryant and his company are barred from engaging in any further violations of the Commodity Exchange Act (CEA) and CFTC regulations, and are subject to a four-year trading and registration ban.
According to the CFTC, from approximately February 2014 through December 2022, Bryant and Bryant Capital solicited clients through various means – direct outreach, electronic communications, newsletters, and web-based advertisements – offering advice on commodity options, futures, and swaps in the energy markets. These solicitations promoted their paid trading advisory services.
The CFTC alleges that these solicitations contained numerous false and misleading statements regarding Bryant Capital’s business performance, expertise, client base, and past performance. Specifically, a newsletter falsely claimed the company served 47 clients in 2021, providing analyses that resulted in a 27%-39% reduction in energy costs for those clients. The CFTC found these claims to be entirely fabricated.
Furthermore, the order states that Bryant and Bryant Capital falsely represented their business as an “exempt swap intermediary,” claiming it did not require CFTC registration. The CFTC determined that these misrepresentations led to at least $55,655.90 in losses for clients.
The CFTC cautions that the payment of restitution does not guarantee clients will recover their lost funds, as wrongdoers may lack sufficient assets. The agency maintains its commitment to protecting customers and holding accountable those who violate commodity trading laws.
The case was led by CFTC staff members Nina Ruvinsky, Bryan Hsueh, Allison Passman, Scott Williamson, and Robert Howell.
Source: CFTC.gov
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