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Federal Court Orders Virginia Resident To Pay More Than $5 Million For Futures And Options Fraud Date
14/05/2021
The Commodity Futures Trading Commission announced today that Judge John A. Gibney, Jr., of the U.S. District Court for the Eastern District of Virginia entered a Consent Order for Permanent Injunction, Restitution and Ancillary Equitable Relief against defendant Leonard J. Cipolla finding, among other things, that Cipolla fraudulently solicited individuals to place funds in a commodity pool to trade futures and options while misappropriating more than $5 million of the money he was given to trade. The order requires that Cipolla pay restitution of $5,102,283.51 and imposes permanent trading and registration bans.
Virginia
United-states
Jamesa-garcia
Leonardj-cipolla
Michael-loconte
Erica-bodin
Rick-glaser
Johna-gibney-jr
James-deacon
Commodity-futures-trading-commission
Customer-protection-fund
Whistleblower-office
Date
22/12/2020
The Commodity Futures Trading Commission today announced that Judge Max O. Cogburn Jr., of the U.S. District Court for the Western District of North Carolina, entered a consent order against Mark N. Pyatt, of North Carolina, imposing a permanent injunction and ordering Pyatt to make restitution in the amount of $255,850. The order also permanently bans Pyatt from registering with the CFTC and from trading commodity futures and retail foreign exchange contracts (forex). In the order, Pyatt admitted to fraudulently soliciting individuals to place funds in a commodity pool and to misappropriating most of the funds he solicited.
The consent order resolves a CFTC case against Pyatt that was filed in the Western District of North Carolina on February 10, 2020. [See CFTC Press Release No. 8120-20] The CFTC’s litigation continues against Pyatt’s company, Winston Reed Investments LLC.
North-carolina
United-states
Jamesa-garcia
Michael-loconte
Erica-bodin
Rick-glaser
Maxo-cogburn-jr
Markn-pyatt
Commodity-futures-trading-commission
Winston-reed-investments
Division-of-enforcement
Us-district-court