CFTC Charges Arizona Investment Adviser and His Company with Fraudulently Soliciting and Receiving at Least $13 Million in Commodity Pool Scheme

Posted on July 3rd, 2018 at 10:02 AM
CFTC Charges Arizona Investment Adviser and His Company with Fraudulently Soliciting and Receiving at Least $13 Million in Commodity Pool Scheme

From the Desk of Jim Eccleston at Eccleston Law LLC:

The U.S. Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Arizona investment adviser, Cory Williams and his company, Williams Advisory Group in connection with a $13 million fraudulent commodity pool scheme.

More specifically, according to the CFTC complaint, from at least April 2014 through December 2016, Williams fraudulently solicited and accepted at least $13 million from 40 individuals, including family members and members of his church, to trade E-Mini S&P 500 futures contracts, among other investments, in a pooled fund. Moreover, Williams knowingly made misrepresentations regarding his trading abilities and the profits associated with the recommended futures contracts.

Williams lost more than $8.3 million of the $13 million of participants’ funds trading these futures contracts. In addition, the remaining funds received from participants were used by Williams to pay his personal expenses and to return approximately $3.4 million to certain participants as purported profits, in a Ponzi-scheme like manner.

According to the CFTC, in order to continue orchestrating the fraud, Williams sent weekly text messages to pool participants reporting fabricated trading profits on their investments, as high as $30,000 per week.

Eccleston Law is investigating the fraudulent activities of Cory Williams. Those with information should contact our law firm.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, cftc, arizona

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