Charlotte, NC – Robert S. Moss, 51, was charged with fraud and banned from commodity trading after a U.S. Commodity Futures Trading Commission (CFTC) investigation revealed a multi-million dollar scheme targeting investors, officials announced July 13, 2011.
The CFTC filed and settled charges against Moss, alleging he fraudulently solicited over $3 million from 22 individuals between 2001 and 2008 to invest in a commodity pool trading options on commodity futures. Moss never registered with the CFTC as required.
Investigators found that Moss misrepresented his trading history to pool participants and consistently incurred trading losses. He then allegedly misappropriated at least $1.5 million of investor funds for personal expenses, including household costs and mortgage payments. The scheme operated as a Ponzi scheme, with funds from new investors used to pay earlier participants, according to the CFTC order.
To conceal the losses and misappropriation, Moss provided false statements to certain investors. He also failed to register as a Commodity Pool Operator, failed to maintain the pool as a separate legal entity, commingled funds, and did not provide required disclosures to investors.
As part of the settlement, Moss is required to pay $1,501,151.29 in restitution to the defrauded participants and a $500,000 civil monetary penalty. He is permanently prohibited from engaging in any activity related to commodities, including trading and registering with the CFTC.
The CFTC acknowledged the assistance of the North Carolina Department of the Secretary of State, Securities Division, in the investigation.
Source: CFTC.gov
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