Las Vegas, NV – On March 20, 2006, the U.S. Commodity Futures Trading Commission (CFTC) filed an enforcement action against Richard McCall in the United States District Court for the District of Nevada, alleging fraud related to a futures trading workshop.
McCall, operating as The Mastery Group International, is accused of offering a workshop called “Sabaki-Micro Trading for Futures” through his website. The CFTC alleges that McCall engaged in fraudulent practices by making false and misleading statements to potential clients and failing to disclose crucial information regarding his qualifications, trading experience, and the actual profitability of his advice.
Between March and June 2004, McCall reportedly claimed on his website to be an experienced futures trader consistently ranking among the top 5% worldwide. He also allegedly asserted that students of his workshop had “a better than 90% chance of being profitable.” However, the CFTC contends that McCall had only been trading commodity futures for one year, starting in 2003, and that his own trading account consistently experienced losses.
The complaint further alleges McCall misrepresented the risks associated with commodity futures trading, claiming it was “no more complicated or dangerous than operating a lemonade stand” and that “easy profits” could be achieved quickly and consistently. Notably, the CFTC alleges McCall falsely claimed to hold a PhD and that he has no undergraduate or graduate degrees from any educational institution.
Judge Kent J. Dawson issued a preliminary injunction, barring McCall from engaging in further fraudulent activity as a commodity trading advisor and prohibiting the destruction of relevant records. The CFTC is seeking a permanent injunction, disgorgement of profits, restitution for affected individuals, and civil monetary penalties as part of the ongoing litigation.
Source: CFTC.gov
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