Randall Lynn Stuckey of St. Peters, Missouri, was charged with operating a fraudulent off-exchange foreign currency (forex) scheme that bilked over 65 customers out of at least $2.8 million. The U.S. Commodity Futures Trading Commission (CFTC) filed a civil lawsuit against Stuckey and his business entities – Stuckey Group, L.P., Stuckey Group II, L.P., and Oakwood Development Company L.P. – on February 18, 2011, in the U.S. District Court for the Eastern District of Missouri.
According to the CFTC complaint, Stuckey fraudulently solicited funds from the public between January 2007 and July 2010, promising profitable trades in leveraged forex contracts. Operating the scheme from his residence in St. Peters, Stuckey allegedly misrepresented the performance of customer accounts, claiming significant gains while knowingly incurring substantial losses. He reportedly falsely stated that investments had grown from $2.85 million to approximately $4.8 million.
To conceal the fraud, Stuckey provided customers with fabricated monthly account statements displaying false values and returns, even reporting profits of one to six percent monthly despite ongoing losses. These statements were designed to perpetuate the illusion of successful trading.
A proposed consent order filed with the court on February 18, 2011, indicates that Stuckey has agreed to permanent injunctive relief, preventing further violations of federal commodity laws. The specific amounts for restitution and civil penalties will be determined as part of ongoing litigation.
Separately, on October 27, 2010, the U.S. Attorney’s Office for the Eastern District of Missouri filed criminal charges against Stuckey for one count of mail fraud and one count of making false reports. On February 7, 2011, Stuckey was sentenced to 36 months imprisonment, followed by 36 months of supervised release. He was ordered to pay $2,298,454 in restitution to the defrauded customers and forfeit $919,000 from his financial accounts.
The CFTC collaborated with the U.S. Attorney’s Office for the Eastern District of Missouri and the Federal Bureau of Investigation in this case.
Source: CFTC.gov
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