CFTC Fines Fraudster $47M For Investment Scam

Law360, New York (March 3, 2011, 10:36 PM EST) -- The U.S. Commodity Futures and Trading Commission on Thursday imposed $46.9 million in restitution and penalties on an imprisoned California commodity pool investment manager for misappropriation of funds, wire fraud and providing false statements to customers.

Judge R. Gary Klausner handed down an order in the U.S. District Court for the Central District of California ruling that Robert D. Bame’s flagrant conduct necessitated the substantial civil penalties.

Klausner ordered Bame, the sole owner and operator of Forward Investment Group LLC, to pay more than $16 million...
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