Northstar, Top Exec Settle Fraud Case For $11M

Law360, New York (February 3, 2011, 6:16 PM EST) -- Northstar International Group Inc. and its president have struck an $11 million settlement to quell charges that they defrauded commodity pool participants by covering up losses and using participant funds to cover personal and business expenses.

The U.S. Commodity Futures Trading Commission filed and simultaneously settled charges against respondents James Peister and Northstar on Wednesday. Peister and Northstar submitted a settlement offer in anticipation of the institution of an administrative proceeding, and the CFTC accepted.

A CFTC order entered Wednesday calls on the respondents to pay...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.