CFTC Charges Virginia Man in $1.2m Commodity Pool Scheme
Posted: Thu Mar 24, 2016 6:34 pm
The U.S. Commodity Futures Trading Commission (CFTC) today reported that it has filed a civil enforcement action against Cayman Islands-based Marbury Advisors Inc. and its principal Tracy Lee Thomas – believed to be based in Virginia.
The charges were filed in a North Carolina U.S. District Court and described that Marbury Advisors and Tracy Lee Thomas had fraudulently solicited more than $1.2m from investors, after misrepresenting the instruments the company would trade in, and failing to disclose associated risks, among other alleged findings including fraud and deceit and significant losses.
The defendants allegedly said they would trade a conservative product but ... (read more)