Tag: New Jersey
Robert W. Shimer, Commodities Fraud, New Jersey 2008
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,…
Steven Karvellas, Trade Allocation Fraud, New Jersey 2008
Steven Karvellas and Thomas Maloney, both New Jersey-based brokers, have been penalized by the U.S. Commodity Futures Trading Commission (CFTC) for fraudulently allocating profitable trades to their personal accounts, depriving customers of potential earnings. The CFTC announced the settlements on April 8, 2008. Karvellas, of Allendale, NJ, and Maloney, of Springfield, NJ, were charged with…
Robert J. Sucarato, Fraud, New Jersey 2008
Newark, NJ – April 30, 2008 – Robert J. Sucarato, of New Jersey, has been accused of defrauding investors out of at least $1.5 million through his company, New York Financial Company (NYFC), according to a complaint filed by the U.S. Commodity Futures Trading Commission (CFTC). On April 22, 2008, a federal court in New…
Ryan Tremblay, Trade Allocation Fraud, New Jersey 2008
Ryan Tremblay, a former New York Mercantile Exchange (NYMEX) broker from Ramsey, New Jersey, has been penalized by the U.S. Commodity Futures Trading Commission (CFTC) for engaging in fraudulent trading practices. The CFTC announced the settlement on August 28, 2008, stemming from an investigation into abusive trading on the NYMEX. Tremblay was charged with fraudulently…
Martin Armstrong, Fraud, New Jersey 2009
Martin Armstrong, of Maple Shade, New Jersey, has been ordered to pay over $27 million in restitution as part of a settlement with the U.S. Commodity Futures Trading Commission (CFTC) for fraud. The consent orders, entered by the U.S. District Court for the Southern District of New York on June 24, 2008, and July 31,…
Robert J. Sucarato, Commodity Fraud, New Jersey 2009
Robert J. Sucarato was ordered to pay $800,000 in restitution and a $1.2 million civil monetary penalty after a default judgment was entered against him by the U.S. District Court for the District of New Jersey on November 23, 2009. The U.S. Commodity Futures Trading Commission (CFTC) brought the case against Sucarato, alleging he fraudulently…
Victor Cilli, Ponzi Scheme Fraud, New Jersey 2011
HACKENSACK, NJ – June 15, 2011 – Victor Eugene Cilli of Hackensack, New Jersey, has been charged with operating a Ponzi scheme through his company, Progressive Investment Funds LLC, the U.S. Commodity Futures Trading Commission (CFTC) announced today. Cilli allegedly defrauded at least four investors of approximately $506,000. According to a complaint filed in the…
Susan G. Davis, Forex Fraud, New Jersey 2011
Washington, D.C. – Susan G. Davis of Jersey City, New Jersey, and Woodstock, Georgia resident David E. Howard II, along with Joseph Burgos of Rutherford, New Jersey, have been charged with defrauding at least 73 customers out of $1.3 million through a foreign currency (forex) trading scheme, according to a complaint filed by the U.S.…
Victor Cilli, Ponzi Scheme Fraud, New Jersey 2012
Victor Eugene Cilli, formerly of Hackensack, New Jersey, has been ordered to pay $717,000 in restitution and penalties for operating a Ponzi scheme that defrauded investors of over $500,000. The U.S. Commodity Futures Trading Commission (CFTC) obtained a federal court consent order on May 29, 2012, outlining the charges and penalties. Cilli, along with his…
TeraExchange LLC, Wash Trading, New Jersey 2014
SUMMIT, NJ – The Commodity Futures Trading Commission (CFTC) today announced a settled enforcement action against TeraExchange LLC (Tera), a provisionally registered Swap Execution Facility (SEF), for failing to prevent and properly disclose wash trading and pre-arranged trading on its platform. The order, issued simultaneously with the charges, requires Tera to cease and desist from…
