11th Circ. Upholds Ponzi Funder's CFTC Penalty

Law360, New York (March 14, 2016, 5:56 PM EDT) -- The Eleventh Circuit on Monday found that a Georgia man who allegedly funneled investors’ cash into a Ponzi scheme must pay nearly $1 million in disgorgement and penalties for violating Commodity Futures Trading Commission rules even if he wasn’t aware of any violations.

A three-judge panel affirmed U.S. District Judge Willis B. Hunt Jr.’s decisions ordering Gregg Amerman to cough up more than $911,000 in disgorgement and interest plus $30,000 in penalties after finding Amerman broke two CFTC rules when he collected investor cash through his firm Dream Venture Group LLC and loaned the funds to Tech Traders Inc., a firm...

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Case Number

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Court

Appellate - 11th Circuit

Nature of Suit

1850 Securities, Commodities, Exchange

Date Filed

April 17, 2015

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