VANSANT, VA – Ronald W. Smith Jr. of Vansant, Virginia, faces federal charges of fraud following a CFTC enforcement action filed on February 23, 2010. The U.S. Commodity Futures Trading Commission secured a preliminary injunction against Smith on March 5, 2010, in the U.S. District Court for the Western District of Virginia.
According to the CFTC complaint, Smith fraudulently solicited at least $800,000 from investors through his Safeguard 3030 Investment Club, operating an off-exchange foreign currency (forex) scam. The CFTC alleges Smith misappropriated customer funds and issued false statements to conceal the misuse.
Chief Judge James P. Jones issued the injunction, continuing an existing asset freeze and prohibiting Smith from further violations of federal commodities law. The CFTC is seeking restitution for victims, disgorgement of any ill-gotten gains, civil monetary penalties, and a permanent injunction against Smith.
The CFTC’s Division of Enforcement team included August A. Imholtz III, Kara Mucha, James Garcia, Kassra Goudarzi, Michelle Bougas, Michael Solinsky, Gretchen L. Lowe, and Phyllis J. Cela. The case remains ongoing as of April 2, 2010.
The investigation and subsequent legal action highlight the CFTC’s commitment to protecting investors from fraudulent schemes in the commodities market. Further details can be found in CFTC Press Release 5734-10 and CFTC v. Ronald W. Smith, Jr. et al., No. 1:10CV00009 [W.D. Va. 2010].
Source: CFTC.gov
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