Fla. Ponzi Players To Pay $55M Over Investment Club Fraud

Law360, New York (April 24, 2013, 5:05 PM EDT) -- A Florida man who allegedly orchestrated a $28 million Ponzi scheme to defraud investment clubs of millions of dollars agreed Wednesday to pay nearly $18.5 million in restitution and civil fines, while the investment firm he managed agreed to pay nearly $36.4 million over the scheme.

Florida federal judge Daniel T.K. Hurley signed off on the consent order that requires Philip Milton, a managing member of Florida-based Trade LLC, to pay some $10.8 million in restitution and $7.7 million in fines. In a separate consent order...
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Case Title

Commodity Futures Trading Commission v. Milton


Case Number

9:10-cv-80738

Court

Florida Southern

Nature of Suit

Securities/Commodities

Judge

Daniel T. K. Hurley

Date Filed

June 22, 2010

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