CFTC-PR-9019-24 (12-12-24) (CFTC-PR-2412)

Federal Court Orders Minnesota Man and Two Companies to Pay Over $2 Million for Futures Fraud and Misappropriation

Excerpt:  December 12, 2024 – WASHINGTON, D.C. — The Commodity Futures Trading Commission today announced the U.S. District Court for the District of Minnesota issued an order of default judgment against Richard “Rick” Miller and his company, Flip 2 Futures Trading Company LLC, both based in Minnesota, and Punch Drunk Marketing LLC, a Wisconsin limited liability company, for their operation of a fraudulent futures trading scheme.

The order requires Miller and F2F to pay a $900,000 civil monetary penalty and, jointly and severally with PDM, $364,000 in restitution to victims of the scheme. The order also requires PDM to pay a $750,000 civil monetary penalty and imposes permanent trading and registration bans against Miller and F2F and a permanent injunction prohibiting Miller and F2F from further violations of the Commodity Exchange Act and CFTC regulations, as charged. The order resolves the CFTC’s enforcement action against Miller, F2F, and PDM.  [See CFTC Press Release No. 8663-23.]

Source:  https://www.cftc.gov/PressRoom/PressReleases/9019-24

Categories:  Commodity Pool Fraud – Misappropriation

CFTC-PR-9019-24 (12-12-24)