3rd Circ. Nixes Equity's Appeal Of CFTC Fraud Case
By Ben James
Law360, New York (July 13, 2009, 12:00 AM ET) -- A federal appeals court on Monday affirmed a win for the U.S. Commodity Futures Trading Commission in its long-running fraud case against Equity Financial Group LLC, holding that Equity was in fact a commodity pool operator even though it managed a feeder fund that did not execute futures transactions.
The U.S. Court of Appeals for the Third Circuit denied an appeal brought on behalf of Equity, the company's sole shareholder and President Vincent Firth, and Equity attorney Robert Shimer.