CFTC Hooks Husband/Wife Futures Scammers

May 7 2007 | 10:16am ET

It’s the futures version of Bonnie & Clyde: Husband and wife team Monica and Brian Main of Valencia, Calif., allegedly posed as trading advisors and fleeced investors out of $3 million, according to the Commodities Futures Trading Commission.

Between April 2001 and April 2005, the Mains allegedly solicited and pushed their commodity-trading advice, services and software through a number of companies they controlled. The brazen duo posed as successful trading advisors and duped more than 1,200 investors out of $3 million.

According to the CFTC, Monica Main claimed to have become a millionaire from trading commodities using her trading system, when, in fact, she lost money trading. What’s more, the CFTC says her tainted history includes filing for bankruptcy in March 2003 and previously being convicted of criminal fraud.

The couple was ordered to pay $1.5 million in civil penalties and their companies $12.5 million in disgorgement and civil monetary penalties.


In Depth

'Smart Beta' Funds In Regulators' Sights, Hedgies May Be Next

Mar 26 2015 | 11:11am ET

Funds that mimic strategies used by active managers for a fraction of the cost could...

Lifestyle

Study: Both Marriage and Divorce Lead to Negative Hedge Fund Performance

Mar 25 2015 | 6:51pm ET

Trouble at home leads to trouble in the market for fund managers, according to researchers...

Guest Contributor

The Life Settlement: Yield For The Investor And Cash For The Consumer

Mar 31 2015 | 6:48am ET

Investors are languishing in a yield-starved, low-interest rate environment, looking...

 

Sponsored Content

    Mar 9 2015 | 6:35am ET

    Kelly RodriquesKelly RodriquesAs more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…

Editor's Note