Chicago resident Richard Regan has been charged with fraud by the U.S. Commodity Futures Trading Commission (CFTC), officials announced December 7, 2011. Regan, the sole principal of Chicago-based Pro Trading Course, LLC (PTC), and PTC itself, are accused of fraudulently soliciting funds from the public under the guise of a commodity futures training program.
According to the CFTC complaint, Regan and PTC advertised the training program as a pathway to becoming a successful proprietary trader. These advertisements were placed on websites like Craigslist, targeting individuals seeking employment. The CFTC alleges that the promotional materials and sales pitches used by Regan and PTC were deliberately misleading, exaggerating both the potential for advancement within the program and the profit opportunities available to enrollees.
Specifically, the complaint details that PTC failed to disclose a critical fact: no trader who completed the initial level of the program ever progressed further, despite promotional materials suggesting otherwise. Furthermore, the “Payout Charts” used to attract clients allegedly misrepresented the actual earnings potential of the program.
The CFTC also alleges fraudulent claims regarding PTC’s “Virtual Trading Room” (VTR). Marketed as a live trading environment where subscribers could observe and emulate the strategies of Regan and his “elite” trading team, the VTR was, in reality, a simulated trading session. Promotional materials allegedly created the false impression of real-time commodity futures trading, concealing the fact that all trades conducted within the VTR were merely simulations.
The CFTC is seeking a full repayment of funds received from program enrollees, as well as civil monetary penalties and a permanent injunction barring Regan and PTC from future violations of federal commodity laws. The National Futures Association provided assistance in the investigation. The case is being pursued by CFTC staff members Diane M. Romaniuk, Lindsey Evans, Ava M. Gould, Mary Elizabeth Spear, Scott R. Williamson, Rosemary Hollinger, and Richard B. Wagner.
Source: CFTC.gov
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