C&R Financial Ponzi Schemer Hit With $5M Penalty

Law360, New York (March 25, 2011, 4:57 PM EDT) -- The U.S. Commodity Futures Trading Commission won a $5.1 million default judgment Thursday against C&R Financial Group Inc. owner Willie Lee Cloud Jr., accused of losing or misappropriating investors' money, which he'd promised to double or triple through foreign currency trading.

Judge Gray H. Miller of the U.S. District Court for the Southern District of Texas handed down a $5.07 million civil penalty against Cloud, as well as an order to provide restitution of $280,000 plus interest to his investors and an injunction barring him from...
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Case Information

Case Title

Commodity Futures Trading Commission v. Cloud et al


Case Number

4:10-cv-00706

Court

Texas Southern

Nature of Suit

850(Securities/Commodities)

Judge

Judge Gray H. Miller

Date Filed

March 4, 2010

Government Agencies

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