CFTC Orders Fla. Trader To Pay Back $1M From Scam

Law360 (February 13, 2020, 5:12 PM EST) -- The U.S. Commodity Futures Trading Commission ordered a Florida man Thursday to pay more than $1 million he solicited from family members and acquaintances for commodities trading, which in reality he barely traded with and used some on himself.

The CFTC said that from 2014 to 2018, Cocoa Beach, Florida, resident Matthew R. White and his company, M.W. Global Futures LLC, solicited about $1.2 million for a pooled investment vehicle to trade on commodity futures contracts. However, he spent about $280,000 of the money on himself for rent, credit cards and car loans, and deposited only about $200,000 in two separate...

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