Las Vegas resident Richard McCall was ordered to pay a $15,000 penalty after being found to have committed futures fraud, according to a consent order entered by Judge Kent J. Dawson of the U.S. District Court for the District of Nevada on May 15, 2007.
The Commodity Futures Trading Commission (CFTC) initially filed a complaint against McCall, doing business as Mastery Group International, on February 3, 2006. The complaint alleged that between March and June 2004, McCall misrepresented the profitability of his “Sabaki-Micro Trading for Futures” method through an internet website and workshops.
Investigators found that McCall falsely claimed to be a former clinical psychologist with multiple degrees and positioned himself as being among the top 5% of futures traders globally. The CFTC determined that McCall is not a licensed clinical psychologist and lacks any relevant educational qualifications in the field. Furthermore, he was not a top-performing trader and consistently lost money trading futures contracts.
The order details that McCall’s website failed to disclose his consistent trading losses or the fact that no participants successfully profited using the Sabaki Futures Trading method. He also allegedly downplayed the risks involved in futures trading, falsely comparing it to the simplicity of running a lemonade stand.
The case was led by CFTC Division of Enforcement staff members Louis Traeger, Judith McCorkle, William Janulis, Cynthia Cannon, Scott Williamson, Rosemary Hollinger, and Richard Wagner. The announcement of the penalty was made on May 22, 2007, from Washington, D.C.
Source: CFTC.gov
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