Tuesday, 31 March 2015
Last updated 16 hours ago
Jan 17 2008 | 1:00am ET
The U.S. Commodity Futures Trading Commission yesterday filed a federal lawsuit against Diego Mariano Rolando of Buenos Aires, Argentina, charging him with defrauding hundreds of customers from around the world in a US$43.8 million investment scheme.
In a two-count enforcement action, the CFTC alleges that Rolando fraudulently traded customer funds in commodity futures and options contracts; provided false account statements to customers; and supplied false customer contact information to a U.S. clearing firm to hide his scheme from investors.
Specifically, he allegedly told investors that he would trade securities on their behalf; however, he traded tens of millions of dollars in investor funds in commodity futures and options contracts, without customer knowledge or authorization to trade in the commodity markets.
In all, the complaint alleges that Rolando solicited approximately US$43.8 million from more than 400 investors in South America, Europe, and the U.S.
“While the continuing growth of the internet and electronic communications systems expand investment opportunities for customers around the globe, it also means new opportunities for unscrupulous crooks to try to take advantage of investors,” said CFTC director of enforcement Gregory Mocek.
The CFTC is seeking a permanent injunction, restitution to defrauded investors, disgorgement of ill-gotten gains, and a civil monetary penalty, among other sanctions.
Mar 9 2015 | 6:35am ET
As 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…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…