Unregulated Californian Investment Advisors Charged with $1.6m Fraud

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Unregulated Californian Investment Advisors Charged with $1.6m Fraud

Postby kreslik.news » Mon Aug 08, 2016 10:10 pm

The U.S. Commodity Futures Trading Commission (CFTC) has charged two Californian individuals and their company STA Opus NR LLC with fraud and misappropriation of funds. Frank Collins and Gerard Suite have both allegedly orchestrated a commodity pool scheme, for which they solicited at least $1.6 million from at least 30 clients.

According to the enforcement action filed by the US watchdog, the duo has misappropriated at least $1.25 million of client funds. According to the documents filed by the CFTC, the defendants have issued false account statements to clients, effectively concealing their fraud and claiming to their clients that STA Opus ... (read more)

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