Dallas, TX – Rudy Avila is facing significant penalties following a Commodity Futures Trading Commission (CFTC) enforcement action filed in the U.S. District Court for the Northern District of Texas. Avila, along with six companies – The L.I.F.T. Group LLC (LIFT), CIG Internacional Sociedad Anónima (CIG), Trading Technologies Group Sociedad Anónima (TTG), Trading Ventures Group, LLC (TVG), Capital Ventures Group, LLC (CVG), and Ventures Group, LLC (VGL) – are accused of a multi-million dollar fraud scheme involving the solicitation of funds for commodity futures, options, and retail foreign currency trading (forex).
The CFTC alleges that from at least 2017 through spring 2020, Avila and the companies fraudulently obtained at least $4.2 million from over 170 clients of CIG. A second, parallel scheme allegedly ran from 2019 to the present, defrauding at least 55 TVG clients out of $1.8 million. Instead of investing client funds as promised, the defendants are accused of misappropriating the money, making false representations about guaranteed profits, and concealing critical information.
According to the complaint, the scheme operated similarly to a Ponzi scheme, utilizing funds from some clients to make payments to others, creating a false appearance of profitability. Clients were allegedly provided with fabricated trading statements displaying fictitious gains and losses. CIG and TVG are also charged with failing to register as Commodity Trading Advisors (CTAs) as required by law.
The CFTC seeks restitution, disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA) and CFTC regulations. In total, CIG clients are reported to have lost $3.58 million, while TVG clients lost at least $1.773 million.
Adding to the legal pressure, Avila has already pled guilty to one count of wire fraud in a parallel criminal case (U.S. v. Avila, 3:21-cr-00168-M-1) before the U.S. Court for the Northern District of Texas. The CFTC expressed gratitude for the cooperation of the Office of the United States Attorney for the Northern District of Texas and the FBI Dallas/Fort Worth field office in the investigation.
Source: CFTC.gov
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