CFTC Secures Court Order Directing Texas Man and His Company to Pay Over $13 Million in Commodities Fraud
Why this matters
The release announces a court-entered default judgment against Walter Dunning Larrick III and Cambridge Financial Advisors LLC. The court found they solicited and misappropriated over $3 million from participants through false commodities trading claims, a Ponzi-like payment scheme, and false account statements. The judgment imposes a $9.77M civil penalty, $3.26M restitution, a permanent injunction, and trading and registration bans. The sectors reflect the futures and options trading claims and the pooled participant funds. The topics reflect the misrepresentations to participants and the misappropriation. The firm types reflect an advisory company that solicited client funds.
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What the CFTC said
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Context
Commodity Futures Trading Commission (CFTC) — Regulates US derivatives markets. We track 227 updates from them.
US financial regulation is overseen by multiple agencies including the SEC, CFTC, Federal Reserve, OCC and FDIC. Browse all United States updates.
This update is classified under Consumer Protection / Conduct, AML / Financial Crime, Capital Markets & Trading and Investment Management.