CFTC Charges Ohio Executive Management Advisors L.L.C., with Fraud and $8.3 Million Ponzi Scheme 

The U.S. Commodity Futures Trading Commission (CFTC) has filed a federal civil enforcement action in the U.S. District Court for the Southern District of Ohio against Defendants John R. Bullar, who resides in Cincinnati, Ohio, and Executive Management Advisors L.L.C., a company organized in Ohio and of which Bullar was the sole principal.

According to the charges, the Defendants, while acting as Commodity Pool Operators (CPOs) and Commodity Trading Advisors (CTAs), fraudulently solicited over $8.3 million from at least 40 investors for pooling and trading in futures and options; provided participants with false account statements; embezzled and misappropriated participants’ funds; and acted as CPOs and CTAs while failing to register as such with the CFTC.

The Defendants represented to participants that their funds would be pooled in a managed account to trade commodity futures and options contracts on designated contract markets. However, according to the Complaint, only a fraction of the participants’ funds was traded. Instead, as alleged, the Defendants operated a Ponzi scheme and misappropriated and embezzled approximately $6 million of participants’ funds.

In its continuing litigation, the CFTC seeks restitution, disgorgement of ill-gotten gains, civil monetary penalties, permanent registration and trading bans, and permanent injunctions from further violations of the federal commodities laws, as charged.

 

Source: CFTC- CFTC Charges Ohio Executive Management Advisors L.L.C., with Fraud and $8.3 Million Ponzi Scheme

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