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 complaint, filed in the U.S. District Court for the District of Nebraska on August 17, 2021, accuses Svejda of misappropriating participant funds and making false statements regarding investments in a commodity pool.
According to the CFTC, Svejda, owner of Centurion Capital Management, fraudulently solicited approximately $790,000 from around 27 investors starting in at least 2012. These funds were intended for investment in exchange-traded commodity futures contracts. However, the CFTC alleges that the defendants failed to invest the funds as promised and instead misappropriated over 80 percent of the pool’s assets.
In addition to the misappropriation, the complaint details multiple regulatory violations. Centurion is charged with failing to register with the CFTC as a commodity pool operator (CPO), commingling participant funds, and failing to provide required disclosure documents. Svejda is also charged with failing to register as an associated person of Centurion.
The CFTC seeks restitution, disgorgement of ill-gotten gains, civil monetary penalties, a ban on trading and registration, and injunctions against further violations of the Commodity Exchange Act (CEA) and CFTC regulations. Svejda is also held liable for Centurion’s actions as a controlling person who knowingly induced the violations. Centurion, in turn, is liable for Svejda’s violations committed within the scope of his employment.
The CFTC acknowledged the cooperation of the National Futures Association in the investigation. Individuals with information about potential commodity trading law violations are encouraged to contact the CFTC via its toll-free hotline at 866-FON-CFTC, file a tip online, or contact the Whistleblower Office.
Source: CFTC.gov
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