CFTC Wants $5.4M Penalty For Forex Scammer

Law360, New York (December 15, 2011, 4:46 PM EST) -- The Commodity Futures Trading Commission on Thursday asked a Texas federal court to fine a commodities trading firm and its operator $5.4 million for fraudulently soliciting more than $30 million from customers to invest in commodity futures and foreign currency.

The CFTC sued Growth Capital Management LLC and Robert Mihailovich Sr. in July 2010, and both defendants were hit with separate default judgments earlier this year. GCM failed to obtain counsel, while Mihailovich, a felon who operated GCM while he was on supervised release, repeatedly violated...
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Case Information

Case Title

US Commodity Futures Trading Commission v. Growth Capital Management LLC et al


Case Number

3:10-cv-01473

Court

Texas Northern

Nature of Suit

Securities/Commodities

Judge

Jane J Boyle

Date Filed

July 27, 2010

Government Agencies

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