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The U.S. Commodity Futures Trading Commission (CFTC) has successfully obtained a judgement in a case of precious metals fraud. An individual named Robert Escobio whi has been residing in Miami, Florida, has managed to channel over $1.5 million from 78 clients of his leveraged precious metals scheme.
The perpetrator used two companies – Southern Trust Metals, Inc. and Loreley Overseas Corporation. The judgement on the case is final and mandates the defendants to pay restitution in the amount of just over $1.5 million and a civil monetary penalty of $250,000. Robert Escobio has also been permanently barred from the industry.