Florida Resident and His Company are Ordered by CFTC to Pay Over $1 Million for Fraud
On February 13th, the Commodity Futures Trading Commission (CFTC) announced a filing and charges against Matthew R. White of M.W. Global Futures LLC (MWGF) for fraud. MWGF requested and obtained money from six pool participants, and then went on to use the funds in his personal bank and trading accounts. Only a small amount of the participant’s funds, were actually placed into commodity interest trading accounts. Over a span of four years, White traded pool participants’ money in two different accounts in his own name. The CFTC is obligating White and his company to pay $200,000 in a civil monetary penalty, and $888,974 in restitution.
White wasn’t truthful with this participants either, he provided them with untrue or misleading comments while leaving out the profitability of his commodity futures trading. Participants’ were given fake documents each month showing the profits of his trades, and that their deposits were getting positive returns. $281,970 of the participants money was used by White for personal reasons, such as rent, credit cards and loan payments. MWGF and White accumulated roughly $1.2 million from the six individual pool participants. However, White has repaid over $600,000 to individuals involved. White’s cooperation has been appreciated, and the investigation has been expedited into a lessened civil monetary penalty.
To read the press release in full: https://www.cftc.gov/PressRoom/PressReleases/8117-19?utm_source=govdelivery
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