Commodities Cos. Ordered To Pay $5M Over Gold Scheme

Law360, New York (February 6, 2014, 3:40 PM EST) -- A Florida federal judge on Wednesday issued a permanent injunction ordering Lloyds Commodities LLC, two of its units and its co-owners to pay more than $5 million combined to settle claims by the U.S. Commodities Futures Trading Commission that it took part in a large commodity transactions scheme. 

In issuing the injunction, Judge Donald M. Middlebrooks found that Lloyds co-owner James Burbage and his partner Frank Gaudino used their companies to help Las Vegas-based Hunter Wise Commodities LLC dupe customers into believing they were buying physical gold and...
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