SANTA ANA, California – A commodities trader from Irvine, Rawle Gerard Suite, 57, was sentenced to 121 months in federal prison for a scheme that took $1.6 million from investors.
Suite, who also used the alias ‘Jerry Snead’ and other pseudonyms, pleaded guilty to four counts of wire fraud in June 2017. The scam took place over a 3.5-year period that ended in May 2016.
According to authorities, Suite concealed his true identity from investors and used a series of companies, including STA Opus, TBT Analysis LLC, and Another Winning Trade, which purportedly traded in commodities such as soybeans, gold, oil, and unleaded gas.
Suite made false claims to investors, stating that STA Opus had annual returns of at least 60 percent. However, the company had continually suffered trading losses.
Suite was a registered commodity trading advisor and commodity pool operator from late 1985 until May 3, 1990, when his registration was revoked. Since then, he has been targeted twice by the California Department of Corporations, which in 2012 obtained a $2.5 million judgment against him for violating a prior order.
(suite’s) history of fraud and violating court orders’ was highlighted by prosecutors in a sentencing memorandum filed with the court. ‘Shortly after being enjoined by the Los Angeles Superior Court, (the defendant) began this fraud scheme.’
The case against Suite was investigated by the Federal Bureau of Investigation, which received substantial assistance from the Commodity Futures Trading Commission. Assistant United States Attorney Vibhav Mittal of the Santa Ana Branch Office prosecuted the case.
Key Facts
- State: California
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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