Action against Defendant for alleged fraud and misappropriation in connection with contracts of sale of precious metals through his company.  According to the CFTC, Defendant and his company fraudulently solicited customers to send money to his company for the purchase of precious metals, but failed to procure all the metal promised, instead misappropriating funds to cover business expenses, invest in other businesses, and make Ponzi-like payments to earlier customers.  The CFTC further alleges that Defendant made material misrepresentations and omissions to customers in the course of their scheme, and issued false account statements to customers. 

CFTC Press Release