STATEN ISLAND, NY – Vincent Danio has been ordered to pay over $3.4 million in sanctions after being found liable for operating a fraudulent foreign currency (forex) boiler room, according to a default judgment order issued by the U.S. Commodity Futures Trading Commission (CFTC) on December 28, 2007.
The judgment, entered by Judge Shira A. Scheindlin of the United States District Court for the Southern District of New York, also applies to Richmond Global Associates, LLC, and several affiliated entities collectively known as the Richmond Global Entities. Danio, a director with the Richmond Global Entities, is jointly responsible with the companies for $1,788,580 in restitution to defrauded customers.
The CFTC initially filed a complaint in February 2005, alleging that from December 2001, Danio and the Richmond Global Entities fraudulently solicited investments from at least 160 retail customers interested in forex contracts. Investigators found the defendants made false promises of high returns and concealed commission charges, presenting them to customers as trading losses on account statements.
The order details further misrepresentations, including false claims regarding the risk associated with forex trading and inflated accounts of their experience and past performance. Customer funds were also allegedly misappropriated. In addition to the restitution, Danio and each of the six Richmond Global Entities were each assessed a civil monetary penalty of $240,000, totaling $1,680,000.
The judgment permanently prohibits Danio and the Richmond Global Entities from engaging in any future business activities related to commodity trading. This case stems from a cooperative investigation conducted by the CFTC, the U.S. Attorney’s Office for the Southern District of New York, and the Federal Bureau of Investigation. Similar penalties were previously levied in April 2007 against Joseph Pappalardo, Ronald Turner, and Miron Vinokur, other principals and employees of the Richmond Global Entities.
Source: CFTC.gov
Related Federal Cases
- Todd Faustin, Workers’ Compensation Fraud, New York NY, 2023 · New York
- Kenneth Thom, Investment Adviser Fraud, New York NY, 2026 · New York
- Kenneth Thom, Investment Adviser Fraud, New York NY, 2023 · New York
- Mark Thompson, Wire Fraud and Conspiracy, New York NY, 2023 · New York
- Attyx CEOs, $275M Solar Panel Installation Fraud, New York NY, 2023 · New York
