Ill. Futures Trader To Pay $2.6M To End CFTC Fraud Suit

Law360 (January 10, 2020, 3:37 PM EST) -- An Illinois futures trader will pay nearly $2.6 million to settle civil fraud allegations he ripped off investors by lying about his brokerage business and creating false financial statements, the Commodity Futures Trading Commission announced Friday.

Richard D. Carter, of Mundelein, Illinois, intentionally misled investors about the profitability of their financial stake in his company Blue Guru LLC, the CFTC said. According to the announcement, less than two-thirds of the $1.76 million raised by the company was used for trading.

“Mr. Carter is deeply apologetic about what transpired and truly regrets his actions,” Mark D. Belongia, Carter’s attorney, told Law360 in...

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