CFTC charges Colorado man doing business as Emini Trading School with fraud involving a futures trading system and advisory service

The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of a civil enforcement action in the U.S. District Court for the District of Colorado, charging Defendant Gregory L. Gramalegui of Vail, Colorado, with fraud, making false statements to the CFTC, failure to make required advertising disclosures, and violation of an administrative Order entered by the CFTC on July 12, 2001. Gramalegui has never been registered with the CFTC.

In its enforcement action, the CFTC alleges that the Defendant made fraudulent representations in marketing materials for his futures trading system and advisory service. The Defendant offered his futures trading system and advisory service through his Emini Trading School (ETS). The CFTC Complaint also alleges that the Defendant’s fraudulent representations were made on the ETS website, in marketing e-mails, and in the “Live Trading Room” run by ETS.

Specifically, the Complaint charges that the Defendant made material, false representations in his solicitations of clients and prospective clients, including:

1) “You can win every day in the markets by following our trading plan.”

2) “The traders who do use our Trading Plans had many LONG winning trades and NO Losing Trades.”

3) “We make it that easy for the trader to let the profits run.”

In reality, as alleged, the Defendant had no basis for making these representations, and his clients lost money using his futures trading system and advisory service.

In addition, the CFTC alleges that the Defendant made false or misleading statements to the CFTC during the course of its investigation into his conduct. The Defendant also failed to provide advertising disclosures to clients and prospective clients in the manner required under CFTC Regulations, and he violated the CFTC Order entered in 2001, settling prior fraud charges brought against him.

For more information view the official release here.

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