Fla. Man Settles CFTC Suit Over $28M Ponzi Scheme

Law360, New York (April 18, 2011, 3:26 PM EDT) -- The U.S. Commodity Futures Trading Commission on Thursday obtained a permanent injunction and a civil penalty against Philip Milton, the Florida-based kingpin of an alleged $28 million Ponzi scheme.

A federal judge in Florida approved the CFTC’s settlement with Milton, a former managing member of Trade-LLC, concluding the agency’s suit that alleged Milton and his colleagues defrauded several investment clubs and pilfered millions of dollars.

Milton agreed to a permanent injunction barring him from soliciting funds or trading commodity futures on behalf of investors. He also...
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Case Information

Case Title

Commodity Futures Trading Commission v. Milton


Case Number

9:10-cv-80738

Court

Florida Southern

Nature of Suit

Securities/Commodities

Judge

Daniel T. K. Hurley

Date Filed

June 22, 2010

Government Agencies

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