CFTC Sues Futures Trader (February 3, 2006)

February 3, 2006

CFTC Sues Futures Trader (February 3, 2006)

The Commodity Futures Trading Commission filed a suit against Charles DeFazio, a California futures trader.  Despite DeFazio’s alleged six-year history of losses exceeding $1 million, he told investors he was successful and induced investors to invest, and subsequently lose, nearly $1 million more.  CFTC alleges that DeFazio improperly commingled investor funds and misrepresented his trading history, which misled investors to invest money which he lost.  The CFTC is seeking permanent injunctive relief, the return of funds to defrauded customers, fines, nad repayment by DeFazio of his gains.

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