Securities Enforcement Blog

In U.S. Commodity Futures Trading Commission v. Ronald E. Satterfield et al., Case No. 2:10-CV-2893-RMG, the CFTC obtained two consent orders of permanent from the U.S. District Court for the District of South Carolina.  One order requires Ronald E. Satterfield to pay $957,146 in restitution and a $2,871,438 civil monetary penalty, and the other order required Nicholas Bos to pay $849,146 in restitution and a $2,547,438 civil monetary penalty, for operating a foreign currency (forex) Ponzi scheme.  The Bos order also requires relief defendant Patricia Bos to disgorge $295,000 in ill-gotten gains.  Both orders impose permanent injunctions against violating Sections 4b(2)(A)-(C) of the Commodity Exchange Act, and impose permanent trading and registration bans. Continue reading →

This week, the U.S. Commodity Futures Trading Commission filed and simultaneously settled charges against Alexandre P. Guimaraes and his company, ACI Capital Group, L.L.C. for fraudulently soliciting customers to trade off-exchange foreign currency contracts (“forex”).  According to the Order Instituting Proceedings, Making Findings and Imposing Remedial Sanctions, Guimaraes solicited approximately $465,000 from at least 29 people in California and Hawaii by misrepresenting Guimaraes’s experience trading forex and his profitable returns. Continue reading →