McDonough, GA – Ty Edwards was ordered to pay over $4.1 million in restitution and penalties for defrauding investors through the Aurora Investment Fund, a commodity pool and hedge fund, according to a U.S. Commodity Futures Trading Commission (CFTC) enforcement action concluded on March 23, 2010.
The CFTC filed its complaint in October 2005, alleging that Edwards, along with Lake Dow Capital, LLC, fraudulently solicited over $26 million from customers and misappropriated those funds. The U.S. District Court for the Northern Division of Georgia immediately froze over $19 million in assets belonging to Edwards and Lake Dow.
A receiver, S. Gregory Hays, was appointed to the case and successfully returned more than $19 million to the fund participants. However, a supplemental consent order issued by Judge Clarence Cooper on March 23, 2010, requires Edwards and Lake Dow Capital, LLC, to jointly and severally pay $2,282,258 in restitution and $1,879,156 in civil monetary penalties.
A previous order, entered on January 31, 2007, permanently bars Edwards and Lake Dow Capital, LLC from engaging in any activity related to commodities, including registering with or claiming exemption from registration with the CFTC. This effectively prohibits them from participating in any activity requiring such registration.
The case was led by CFTC staff members Tracey Wingate, John Dunfee, Mary Kaminski, Paul Hayeck, and Joan Manley.
Source: CFTC.gov
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