We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

CFTC Eyes Black Diamond Execs Over $35M Ponzi Plot

Law360 (January 14, 2011, 2:31 PM EST) -- The U.S. Commodity Futures Trading Commission is seeking to bar several Black Diamond Capital Solutions LLC executives from commodities trading for their alleged $35 million Ponzi scheme based around a nonexistent foreign currency trading platform.

Black Diamond Capital Solutions LLC executive Keith Simmons and several others solicited millions from more than 240 investors but never actually conducted any foreign exchange trading, instead using the money for unrelated personal and business expenses and to make payments to other customers, the CFTC said in a complaint filed Thursday...
To view the full article, register now.




Case Information

Case Title

US Commodity Futures Trading Commission v. Simmons et al

Case Number



North Carolina Western

Nature of Suit



Robert J. Conrad, Jr

Date Filed

January 13, 2011

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.