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CFTC Wins $15M Judgment Over Phony Exchanges

Law360 (August 10, 2007, 12:00 AM EDT) -- A New York federal court has ordered nine companies accused of scamming investors into trading commodity futures on their purported exchanges to pay $15.5 million in restitution and civil penalties.

The U.S. Commodity Futures Trading Commission announced Thursday that the U.S. District Court for the Southern District of New York has entered default judgments in four lawsuits the agency filed against the supposed futures businesses, which all claimed to be located in the United States.

The court ordered the defendants to pay more than $13.8 million...
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