A Wisconsin federal court has issued a default judgment against Ryan Magee, his father David Magee, and Ryan’s wife Dalyne Rae Magee, all of Calgary, Alberta, Canada, for operating a fraudulent commodity pool that targeted investors in the United States and Canada. The judgment, entered on June 15, 2016, follows a complaint filed by the U.S. Commodity Futures Trading Commission (CFTC) in February of the same year.
The court order requires the Magees to jointly disgorge $715,069.60 in funds misappropriated from customers. Ryan Magee is also personally responsible for restitution totaling $1,324,490.58. Additionally, Ryan Magee faces a civil monetary penalty of $840,000, while David and Dalyne Magee will each pay $140,000 in penalties.
According to the CFTC, from March 2010 through August 2013, Ryan Magee solicited at least CAD $2 million (approximately $1.5 million USD) from over 30 investors, promising substantial returns on commodity futures and other trades. However, the CFTC found that Magee misappropriated at least CAD $893,837 (USD $715,069.60) and lost another CAD $1,360,348, along with $13,015 USD, through trading losses.
Investigators determined that Magee falsely claimed to have achieved annual gains of 100-200% in previous years and promised investors returns of 200-300%, despite consistently losing money. He further misled investors by providing fabricated account statements showing non-existent profits. David and Dalyne Magee are accused of soliciting funds and handling investor money without being properly registered with the CFTC.
The CFTC cautions investors that restitution orders do not guarantee recovery of lost funds. The agency stated it will continue to pursue accountability for those who defraud commodity pool participants. The investigation received assistance from the Alberta Securities Commission (ASC), which previously found the Magees liable for violations of Alberta’s securities laws, with Ryan Magee specifically found liable for fraud and misleading statements.
Source: CFTC.gov
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