Commodity Pool Operator To Pay $480K To Settle Fraud Case
Law360, New York (July 28, 2016, 8:43 PM EDT) -- A U.S. Commodity Futures Trading Commission fraud suit against a Georgia commodities pool operator ended Thursday with the entry of a $480,000 settlement.
In a joint motion with the CFTC, Hendrick A. Van Beuningen and Debrink Trading Fund I LLC agreed to pay the money in restitution to participants in the commodities investment pool they ran between 2014 and 2016 to settle the commission's claims they had misappropriated money, made misleading claims and provided false account statements.
"Defendants either misappropriated or lost the Pool funds, yet continued to present the Pool's trading as profitable," the restitution order said.
The suit, filed...
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