CFTC Seeks $7.1M In Fines Over Alleged Fraudster's Absence

Law360, New York (September 24, 2012, 10:48 PM EDT) -- The U.S. Commodity Futures Trading Commission asked a Florida federal judge Monday to impose penalties of more than $7.1 million against a trader who failed to appear in response to the agency's allegations of fraud and misappropriation of client funds.

The CFTC claims Jose S. Rubio and his company Rubio Wealth Management fraudulently solicited and received more than $1.8 million from 21 clients, who eventually received just under $80,000 as a return on their investments after the remainder of the funds were either lost on trades...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

U.S. Commodity Futures Trading Commission v. Rubio et al


Case Number

1:12-cv-22129

Court

Florida Southern

Nature of Suit

Securities/Commodities

Judge

Robin S. Rosenbaum

Date Filed

June 7, 2012

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.