LeapRate Forex Fraud Watch – $28M Ponzi Scheme run by Philip Milton


Florida Court issues order against Philip Milton and Trade LLC in a commodity pool Ponzi Scheme.

The CFTC has obtained a court order ordering Phillip Milton of Palm Beach Gardens, Florida and Trade, LLC based in Palm Springs to pay restitution of more than $10.8 million and $7.6 million civil monetary penalty. In addition, Trade LLC to pay over $11.4 million and a $28.4 million civil monetary penalty. This comes after the defendants were found guilty of operating a multi-million dollar Ponzi commodity pool scheme that bilked clients of approximately $28.4 million to participate in a commodity pool to trade futures and securities. They also misappropriated at least $9.6 million for their personal use and to continue the scam.

In addition to the primary defendants above, four relief defendants: BD, LLC, CMJ Capital, LLC, Center Richmond, LLC, and TWTT, LLC, were required to repay $545,200, $2,826,981.37, $1,253,862.62, and $100,000, respectively for receiving monies from the Ponzi scam they had no right to receive.

For the full CFTC press release click here.

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.

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LeapRate Forex Fraud Watch – $28M Ponzi Scheme run by Philip Milton

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