CFTC Charges Arizona Resident and Company with Fraudulently Soliciting and Receiving Millions in a Commodity Pool Scheme

Posted on May 22nd, 2017 at 11:03 AM
CFTC Charges Arizona Resident and Company with Fraudulently Soliciting and Receiving Millions in a Commodity Pool Scheme

From the Desk of Jim Eccleston at Eccleston Law LLC:

The U.S. Commodity Futures Trading Commission (CFTC) has filed an enforcement action against Cory Williams of Gilbert, Arizona, and his company, Williams Advisory Group. The enforcement action was filed in the U.S. District Court for the District of Arizona.

According to the complaint, Mr. Williams and Williams Advisory Group allegedly defrauded 40 investors out of at least $13 million while engaging in activities prohibited for a commodity pool operator. Moreover, from April 2014 through December 2016, Mr. Williams fraudulently solicited and accepted funds from investors to trade E-Mini S&P 500 futures contracts in a pooled fund for an approximate total of $13 million. According to the CFTC, Mr. Williams lost $8.3 million of the participants’ funds by trading the futures contracts in his personal accounts. Mr. Williams lost the remaining funds by using the money for personal expenses and then by returning the remaining money to certain participants as purported “profits” in a Ponzi scheme type fashion.

The CFTC in its enforcement action is seeking full restitution to defrauded pool participants, disgorgement, civil monetary penalties, permanent registration and trading bans, and a permanent injunction against future violations of federal commodities laws.

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 advisors including Broker Litigation & Arbitration, Strategic Consulting Services, Regulatory  Matters, Transition Contract Review, 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.

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