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

Q&A: Reg A+ Will Transform the Alternative Asset Landscape

Jul 7 2015 | 4:03pm ET

In addition to easing capital formation for small companies, Regulation A+ has enormous...

Lifestyle

Fiat Chrysler Files Paperwork For Ferrari IPO

Jul 23 2015 | 5:05pm ET

Italian sportscar maker Ferrari has taken a step closer to a stock market listing...

Guest Contributor

Lifting of Foreign Ownership Limits Signals Sea Change in Vietnam's Capital Markets

Jul 28 2015 | 3:01pm ET

The lifting of restrictions on foreign ownership limits in Vietnam later this year...

 

Editor's Note