CFTC v. Richard Regan et al., Case No. 1:11-cv-08679 (N.D. Il.).  On June 14, 2012, the CFTC announced an order of default judgment and permanent injunction against Richard C. Regan and Pro Trading Course, LLC (“PTC”) of La Jolla, CA.  The order stems from an enforcement action filed on December 7, 2011, which charged both with fraudulently soliciting members of the public to enroll in a commodity futures training program.  According to the CFTC’s complaint, PTC, through Regan and employees, used false and misleading promotional material and sales solicitations, which overstated the advancement opportunity and profit potential of PTC’s commodity futures training program.   The false materials were used to sell access to PTC’s Virtual Trading Room (“VTR”), which created the impression that VTR sessions involved actual commodity futures trading.  In reality, however, VTR only simulated trades, a fact that Regan and his team did not disclose.  Regan and PTC also failed to disclose that none of their clients who completed PTC’s training and became proprietary traders ever advanced beyond the first level of the program.  Furthermore, no PTC trader ever met the monthly profit targets or received profit “payouts.”  The federal court order requires the defendants to pay a $461,100 civil monetary penalty and $232,200 in restitution.  The CFTC also imposed permanent trading and registration bans against the defendants and prohibits further violations of the Commodity Exchange Act and CFTC regulations.