CFTC v. Christopher Smithers., Case No. 9:12-cv-81165-KAM (S.D. Florida.). On October 23, 2012, the CFTC announced fraud charges against Christopher Smithers. The case concerns Smithers’s representations to customers that his commodity futures trading was profitable when in reality he had significant losses. He also lied to futures commission merchants about the identity of the person who opened and controlled commodity trading accounts in order to conceal his trading activity because he was subject to court orders prohibiting him from trading commodity futures contracts. Specifically, Smithers was enjoined from certain conduct in connection with two prior cases brought by the CFTC. Smithers also misappropriated client funds that were given to him to purchase gold bullion and used the money to pay for personal expenses including commodity futures trading. The CFTC seeks injunctive relief, disgorgement, civil monetary penalties and a trading suspension.
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