Robert D. Bame, of Moreno Valley, California, has been charged with commodity pool fraud by the U.S. Commodity Futures Trading Commission (CFTC), the agency announced September 3, 2008. The CFTC filed a federal lawsuit against Bame and his firm, Forward Investment Group, LLC, alleging a scheme to defraud investors.
According to the complaint, filed August 26, 2008 in the U.S. District Court for the Central District of California, Bame provided investors with a falsified “daily” commodity trading statement. The statement claimed the Forward account held a net liquidating value of over $77 million as of December 14, 2007. However, the actual value of the account on that date was only $4,486.
The CFTC further alleges that Bame intentionally misled a National Futures Association (NFA) staff member regarding the number of participants and cash contributions to the Forward pool, claiming only $400,000 in contributions. The complaint details that from February 2007 to May 2008, the Forward account sustained trading losses totaling approximately $595,000.
U.S. District Court Judge R. Gary Klausner issued a restraining order prohibiting Bame and Forward Investment Group from destroying documents and restricting access to company records. The CFTC is seeking orders for continued access to books and records, a full accounting of investor funds, preliminary and permanent injunctions, the return of any ill-gotten gains, restitution for defrauded investors, and monetary penalties. The NFA provided assistance in the investigation.
The case is being pursued by CFTC staff members William P. Janulis, Ralph DerAsadourian, Cynthia Cannon, Scott Williamson, Rosemary Hollinger, and Richard B. Wagner.
Source: CFTC.gov
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