Denver, Colorado – The U.S. Commodity Futures Trading Commission (CFTC) announced the revocation of the registrations of Veruus Wealth Management, LLC, a Denver-based company, following findings of civil theft and conversion of investor funds. The action, finalized on February 6, 2014, stems from a default judgment issued by the District Court for the City and County of Denver on November 28, 2012.
The CFTC initially notified Veruus of its intent to revoke its Commodity Pool Operator (CPO) and Commodity Trading Advisor (CTA) registrations on August 21, 2013, citing the alleged theft and conversion related to a Veruus-managed foreign exchange (Forex) trading account. When Veruus failed to respond to the notice, a CFTC Judgment Officer upheld the revocation based on the Denver court’s findings.
According to court documents from the case DRCK LLC, et al v. Direction Labs, Inc., Veruus Wealth Management, LLC, et al. (Case No. 2012CV5305), plaintiffs alleged they were solicited to invest in the Forex account managed by Veruus. The Denver court found Veruus liable for the theft and conversion of $339,517.79 in investor funds.
The CFTC’s decision, made public on February 20, 2014, effectively bars Veruus Wealth Management from operating as a CPO or CTA. The investigation was led by CFTC staff members Susan B. Padove, Elizabeth M. Streit, Joy McCormack, Scott R. Williamson, Rosemary Hollinger, and Richard B. Wagner.
No individuals were named in the CFTC release, only the company, Veruus Wealth Management, LLC.
Source: CFTC.gov
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