HINTON, OKLAHOMA – Randy Steve Lanier, of Hinton, Oklahoma, was sentenced and ordered to pay restitution following a Commodity Futures Trading Commission (CFTC) investigation into misappropriation and sales solicitation fraud. The U.S. District Court for the Western District of Oklahoma entered a consent order on May 4, 2006, settling the charges brought against Lanier.
The CFTC initially filed a complaint on May 10, 2005, alleging that between September 2001 and October 2003, Lanier misappropriated funds from customers who believed they were investing in commodity futures and options accounts. Lanier also allegedly misrepresented the profitability of trading options, attracting investors with exaggerated claims.
According to court findings, Lanier created a fictitious entity called Rennco Futures Group, falsely leading customers to believe it was a registered Futures Commission Merchant. He then fabricated account statements and IRS Form 1099s to conceal the lack of legitimate trading activity. Lanier also reportedly provided phony wire transfers to give the illusion that customers were withdrawing profits from their accounts.
The consent order requires Lanier to pay $110,860 in restitution to the defrauded customers and a $120,000 civil monetary penalty. He is permanently banned from engaging in sales solicitation fraud and trading on any commodity market under CFTC jurisdiction.
In a separate but related case, the United States Attorney’s Office for the Western District of Oklahoma charged Lanier with money laundering. On February 10, 2006, Lanier received a 15-month jail sentence, followed by two years of supervised release, and was ordered to pay an additional $105,360 in restitution.
The CFTC collaborated with the United States Attorney’s Office and the Internal Revenue Service throughout the investigation.
Source: CFTC.gov
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