Longbranch, Exec Told To Pay $2.4M In Forex Ponzi Suit

Law360, New York (July 22, 2011, 6:07 PM EDT) -- The U.S. Commodity Futures Trading Commission said Friday that a Texas federal judge had imposed more than $2 million in civil penalties on Longbranch Group International LLC and its principal over an alleged foreign currency Ponzi scheme.

U.S. District Judge Vanessa Gilmore ordered Longbranch and its owner Jeremiah C. Yancy to each pay $692,000 in restitution and $692,000 in civil monetary penalties, the CFTC said. The order also permanently barred the defendants from engaging in any commodity-related activity, including trading or applying for registration with the...
To view the full article, register now.



Case Information

Case Title

United States Commodity Futures Trading Commission v. Yancy et al

Case Number



Texas Southern

Nature of Suit



Judge Vanessa D Gilmore

Date Filed

August 18, 2010

Government Agencies

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.