CFTC: IMM, Sommers Penalised $9.8M for Illegal Off-Exchange Transactions

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CFTC: IMM, Sommers Penalised $9.8M for Illegal Off-Exchange Transactions

Postby kreslik.news » Thu Aug 11, 2016 7:07 pm


The US Commodity Futures Trading Commission (CFTC) announced today that a Florida court has granted the CFTC’s motion for entry of a final default judgment against International Monetary Metals (IMM) and its controller, Martin Sommers.

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The judgement requires that the defendants repay fraudulent gains of $2,469,783 and penalties totaling $7,409,349. The judgment also imposes permanent trading, solicitation and registration bans against the defendants and prohibits them from violating provisions of the Commodity Exchange Act (CEA).

Illegal off-exchange transactions in precious metals

The case stems from a CFTC ... (read more)

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