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Screenshot of a breaking news alert e-mail from Q2 2017
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.