Robert W. Shimer of Camp Hill, Pennsylvania, along with Vincent J. Firth and Equity Financial Group LLC, faced judgment following a trial concluded on September 6, 2007, according to a ruling issued February 4, 2008, by U.S. District Judge Robert B. Kugler in Camden, New Jersey.
The CFTC originally filed a complaint on April 1, 2004, alleging a fraudulent scheme involving approximately $15 million solicited from investors for commodity futures trading through Tech Traders. The complaint detailed that Shimer, Firth, and Equity Financial Group touted Shasta Capital Associates, claiming the commodity pool generated around 100% annual profits, supposedly verified by an independent CPA. The CFTC alleged this verification was false.
Judge Kugler found that the defendants fraudulently misrepresented their expertise, qualifications, and compensation, as well as their relationship with Tech Traders and the accountant. They were found to have recklessly misrepresented the performance of the Shasta commodity pool and improperly accepted funds. Additionally, Shimer, as an attorney, was found to have aided and abetted Equity Financial Group’s failure to register with the CFTC as a commodity pool operator.
The judgment permanently prohibits Shimer, Firth, and Equity Financial Group from engaging in any future commodity futures or options trading activities. The court ordered them to disgorge $2,514,930 in ill-gotten gains and pay civil monetary penalties totaling $5,529,900. This ruling resolves all remaining claims in the CFTC enforcement action, following previous judgments against Coyt Murray and four related companies for over $30 million, and CPA J. Vernon Abernethy for $5.3 million.
The case was led by CFTC enforcement staff including Elizabeth M. Streit, Joy McCormack, Jennifer S. Diamond, Scott R. Williamson, Rosemary Hollinger and Richard Wagner.
Source: CFTC.gov
Related Federal Cases
- Robert Eric Fockler, Wire Fraud, SC 2023 · Alabama
- Michael Conway, Wire Fraud, New Jersey 2016 · Pennsylvania
- Cesar Tavera, Medicaid Fraud, New Jersey 2024 · Pennsylvania
- Vadym Iermolovych, International Securities Fraud, New Jersey 2024 · New York
- Shawn Sypherd, Health Care Fraud Conspiracy, New Jersey · Pennsylvania
