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...
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Case Information

Case Title

United States Commodity Futures Trading Commission v. Yancy et al


Case Number

4:10-cv-02955

Court

Texas Southern

Nature of Suit

850(Securities/Commodities)

Judge

Judge Vanessa D Gilmore

Date Filed

August 18, 2010

Government Agencies

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