CFTC Settles With Couple Over $23M Ponzi Scheme

Law360, New York (August 10, 2009, 6:05 PM EDT) -- The owners of investment company Queen Shoals Group LLC have agreed to permanently halt their securities dealings, provide restitution to allegedly defrauded clients and pay an undetermined civil monetary penalty to settle a suit brought by the U.S. Commodity Futures Trading Commission alleging the couple orchestrated a Ponzi scheme that defrauded investors out of more than $22.5 million.

Judge Robert J. Conrad Jr. signed the consent order Friday in the U.S. District Court for the Western District of North Carolina. The amount of the restitution and...
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