CFTC Imposes $800K Fine on Investment Firm for Fraudulent Commodity Pool Activity

[kreslik.news]

The US Commodity Futures Trading Commission (CFTC) has instigated proceedings and settled charges against Convergent Wealth Advisors, a Maryland-based investment advisory firm. The CFTC Order requires that Convergent pays a $800,000 penalty and is prohibited from further violations the provisions of the Commodity Exchange Act and CFTC Regulations.

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The CFTC found that from 2007 to 2014 the late David Zier, in connection with his operation of ZAM, solicited certain clients of Convergent and other individuals for investment in ZAM.

According to the CFTC, Zier solicited Convergent ... (read more)