Blair, Nebraska – The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Terry M. Svejda and his firm, Centurion Capital Management, Inc., alleging a long-running commodity pool fraud. The case, filed in the U.S. District Court for the District of Nebraska, accuses Svejda of misappropriating participant funds and making false statements regarding investment strategies.
According to the CFTC complaint, Svejda and Centurion fraudulently solicited approximately $790,000 from around 27 investors starting in at least 2012. The funds were intended for investment in exchange-traded commodity futures contracts. However, the CFTC alleges that the defendants failed to invest the money as promised, instead misappropriating over 80 percent of the pool’s assets.
The lawsuit seeks restitution for defrauded investors, disgorgement of ill-gotten gains, civil monetary penalties, and trading and registration bans for both Svejda and Centurion. The CFTC is also requesting injunctions to prevent further violations of the Commodity Exchange Act (CEA) and related regulations.
Centurion Capital Management is specifically charged with failing to register with the CFTC as a commodity pool operator (CPO), commingling participant funds, and failing to provide required disclosure documents to investors. Svejda is charged with failing to register as an associated person of Centurion. The CFTC further alleges Svejda is liable for Centurion’s actions as a controlling person who knowingly induced the violations.
The CFTC acknowledged the cooperation of the National Futures Association in the investigation. The agency encourages the public to verify the registration status of firms and individuals before investing, utilizing the NFA BASIC system. Suspicious activity can be reported to the CFTC via a toll-free hotline or online complaint form, and whistleblowers may be eligible for financial rewards.
The case is being prosecuted by Glenn Chernigoff, Michael Loconte, Aimée Latimer-Zayets, Erica Bodin, and Rick Glaser of the CFTC’s Division of Enforcement.
Source: CFTC.gov
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