Easley, SC – February 11, 2013 – Robert Stanley Harrison is facing federal charges of fraud following a CFTC enforcement action announced today. Judge G. Ross Anderson of the U.S. District Court for the District of South Carolina issued an emergency order freezing assets under Harrison’s control and preventing the destruction of financial records.
The action stems from a complaint filed by the CFTC on February 6, 2013, alleging that Harrison fraudulently solicited funds from the public to invest in the Investors Choice Advisors LLC commodity pool, beginning at least in June 2011. According to the CFTC, Harrison made false guarantees to investors, promising both principal protection against loss and 100 percent profits within 60 to 90 days.
The complaint details that Harrison and an agent distributed false investment contracts outlining these purported profits. The CFTC further alleges Harrison misappropriated funds from pool participants, improperly managed the commodity pool, and failed to register as a Commodity Pool Operator with the CFTC, as well as failing to register his agent as an Associated Person.
The CFTC is pursuing a permanent injunction against future violations of commodities laws, permanent registration and trading bans for Harrison, restitution for defrauded investors, disgorgement of any ill-gotten gains, and civil monetary penalties. The agency is working with the South Carolina Attorney General’s Office, the U.S. Attorneys’ Office, and the U.S. Marshals Service in the investigation.
The case is being handled by CFTC staff members Amanda Harding, Daniel Jordan, Michael Loconte, Erica Bodin, Rick Glaser, and Richard Wagner.
Source: CFTC.gov
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