Friday, 30 January 2015
Last updated 1 min ago
Feb 8 2008 | 1:01am ET
The U.S. Commodity Futures Trading Commission has filed an order of permanent injunction against the head of a Nevada hedge fund.
According to the CFTC, Christian Kis of Hendersonville, Tenn., from October 2002 until approximately January 2006, fraudulently solicited investors in the U.S. and the U.K. to invest in his Raptor Capital to trade commodity futures contracts on the Standard & Poor’s 500, Dow 30 and NASDAQ indices. Kis allegedly issued false account statements reporting profitable commodity futures trading, when his trading actually resulted in continual and substantial losses.
Additionally, Kis failed to register with the CFTC as a commodity trading advisor and a commodity pool operator, did not provide required disclosure documents to investors, and accepted investors’ money in his own name, according to the regulator.
Kis was ordered to pay $815,800 in restitution to his investors and a $130,000 civil monetary penalty. He was also permanently barred from engaging in any commodity-related activity, including registering with the CFTC in any capacity.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…