The CFTC announced charging Illinois-based Long Leaf Trading Group, Inc., its principals James A. Donelson, Timothy M. Evans, former employees Jeremey S. Ruth and Andrew D. Nelson with fraud in options on futures transactions case. The US watchdog also settled charges against Long Leaf associated persons Scott J. Gecas and James E. Leeney.
CFTC Director of Enforcement James McDonald said:
James McDonald
The CFTC is committed to stamping out fraud in its markets, particularly with respect to conduct like that alleged here where there is an abuse of registration status to systematically mislead customers. The CFTC urges customers to exercise caution when investing in so-called ‘trading programs’ offered by brokers or advisors.
The US regulator discovered that between June 2015 and December 2019, Long Leaf made numerous misleading statements to customers about its “Time Means Money” options trading program. The statements were made at the direction of Donelson and Evans and through its employees Ruth and Nelson.
