CFTC Eyes Black Diamond Execs Over $35M Ponzi Plot

Law360, New York (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...
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Case Information

Case Title

US Commodity Futures Trading Commission v. Simmons et al


Case Number

3:11-cv-00023

Court

North Carolina Western

Nature of Suit

Securities/Commodities

Judge

Robert J. Conrad, Jr

Date Filed

January 13, 2011

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