Charlotte, NC – October 8, 2021 – The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Storm Bryant and Elijah Bryant III of Los Angeles, California, alleging a $1.05 million fraudulent scheme targeting retail investors. The case was filed in the U.S. District Court for the Western District of North Carolina.
The CFTC alleges that from approximately March 2018 through September 2021, Storm Bryant, 41, and Elijah Bryant III, 40, fraudulently solicited over 94 clients to invest in off-exchange foreign currency (forex) transactions. Through their companies – CapitalStorm, LLC, GenerationBlack, LLC, and NCome, LLC – all North Carolina limited liability companies – the Bryants are accused of misappropriating investor funds.
According to the complaint, the defendants failed to register with the CFTC as commodity trading advisors, despite actively soliciting clients through in-person meetings and social media platforms like Facebook and Instagram. They falsely presented themselves as highly successful forex traders capable of generating substantial returns for their clients.
The CFTC claims that approximately $50,870 was distributed to clients as purported trading “profits,” but this was merely a facade of a Ponzi scheme. The remaining $1.05 million was allegedly misappropriated by the Bryants to fund lavish personal expenses, including jewelry, home rentals, European travel, and personal trading accounts.
On September 24, 2021, the court issued an ex parte order freezing assets controlled by the defendants and preserving relevant records. A hearing on the CFTC’s Motion for Preliminary Injunction was scheduled for October 8, 2021.
The CFTC is seeking full restitution for defrauded investors, disgorgement of ill-gotten gains, civil monetary penalties, permanent registration and trading bans, and a permanent injunction against future violations of the Commodity Exchange Act and CFTC Regulations. The agency cautions that restitution orders do not guarantee recovery of lost funds.
The U.S. Attorney’s Office for the Western District of North Carolina and the North Carolina Office of the Secretary of State, Securities Division, assisted in the investigation.
Source: CFTC.gov
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