PHOENIX, AZ – The Commodity Futures Trading Commission (CFTC) is moving to revoke the registrations of Purvesh Mankad and his affiliated companies, CTAX Partners, LLC and CTAX Series, LLC, following a U.S. District Court ruling in Arizona. The action, announced Tuesday, stems from findings of fraud and misappropriation in violation of the Commodity Exchange Act (CEA).
Mankad, CTAX Partners, and CTAX Series have been registered with the CFTC since 2013 as an introducing broker, a commodity pool operator, and an associated person, respectively. The court permanently enjoined all three from acting in their registered capacities, leading the CFTC to initiate proceedings to fully revoke their licenses.
The case, CFTC v. Mankad (Case No. CV-21-01719-PHX-DJH), previously resulted in a court finding that each entity and individual violated antifraud provisions of the CEA. Details of the specific fraudulent activities were outlined in a prior CFTC press release (No. 8615-22), though the agency has not publicly detailed the financial impact on investors at this time.
The CFTC’s Notice of Intent confirms the agency seeks to eliminate Mankad and his companies’ ability to operate within the regulated commodities market. This action effectively bars them from soliciting funds from investors or engaging in any activity requiring CFTC registration.
The Division of Enforcement at the CFTC acknowledged the significant assistance provided by the National Futures Association (NFA) in the investigation. The case was led by Bisola Oni, Anthony Biagioli, Lauren Fulks, Tom Simek, Christopher Reed, and Charles Marvine.
Further details regarding the specific nature of the fraud and any potential restitution for affected investors have not yet been released by the CFTC.
Source: CFTC.gov
Related Federal Cases
- Sylvia Begay, Medicaid Billing Fraud, Arizona 2024 · Washington
- Reginald Fowler, Bank Fraud, Arizona 2024 · Florida
- Stephen Allen Lamont, Medicare Fraud, Arizona 2023 · New York
- Eduardo Rodriguez-Ayala, Passport Fraud, Waterloo IA, 2013 · Washington
- Elaine Monique Zavala-Charres, $260K IRS Mail Fraud, NY, 2023 · Massachusetts
