CFTC Accuses Fla. Investment Firm Of $28M Ponzi

Law360, New York (July 6, 2010, 2:18 PM EDT) -- The U.S. Commodity Futures Trading Commission has accused Florida investment firm Trade LLC and its principals of bilking private investment clubs of $28 million in a Ponzi scheme built on commodity pool investments.

The CFTC announced the enforcement action Tuesday, about two weeks after it filed its complaint under seal in the U.S. District Court for the Southern District of Florida. The complaint and an asset freeze order were unsealed Friday.

Trade, based in Palm Spring Gardens, Fla., and managers Phillip Milton, Gregory Center and William...
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