{"id":4588,"date":"2020-12-22T21:57:55","date_gmt":"2020-12-22T21:57:55","guid":{"rendered":"https:\/\/www.futuresandoptions.gr\/en\/?p=4588"},"modified":"2020-12-22T21:59:29","modified_gmt":"2020-12-22T21:59:29","slug":"federal-court-orders-north-carolina-man-to-pay-over-255000-in-futures-and-forex-fraud-scheme","status":"publish","type":"post","link":"https:\/\/www.futuresandoptions.gr\/en\/federal-court-orders-north-carolina-man-to-pay-over-255000-in-futures-and-forex-fraud-scheme\/","title":{"rendered":"Federal Court Orders North Carolina Man to Pay Over $255,000 in Futures and Forex Fraud Scheme"},"content":{"rendered":"\n

The Commodity Futures Trading Commission today announced that Judge Max O. Cogburn Jr., of the U.S. District Court for the Western District of North Carolina, entered a consent order against\u00a0Mark N. Pyatt,\u00a0<\/strong>of North Carolina, imposing a permanent injunction and ordering Pyatt to make restitution in the amount of $255,850. The order also permanently\u00a0bans Pyatt from registering with the CFTC and from trading\u00a0commodity futures and retail foreign exchange contracts (forex). In the order, Pyatt admitted to fraudulently soliciting individuals to place funds in a commodity pool and to misappropriating most of the funds he solicited.<\/p>\n\n\n\n

The consent order resolves a CFTC case against Pyatt that was filed in the Western District of North Carolina on February 10, 2020. [See CFTC Press Release No. 8120-20<\/a>] The CFTC\u2019s litigation continues against Pyatt\u2019s company, Winston Reed Investments LLC.<\/p>\n\n\n\n

The consent order finds that from at least April 2017 to February 2019, Pyatt accepted $276,850 from pool participants to trade commodity futures and forex. The consent order also finds that Pyatt misappropriated most of pool participants\u2019 funds for business expenses and personal use, and to make Ponzi-like payments to other pool participants, while using only a fraction of the funds to trade. In addition, despite overall net trading losses, Pyatt sent reports to investors claiming profits of between 18.8 percent to 86.5 percent per month.<\/p>\n\n\n\n

Related Criminal Action<\/strong><\/p>\n\n\n\n

In a parallel criminal action, the U.S. Attorney for the Western District of North Carolina announced that Pyatt pleaded guilty to wire fraud in connection with the scheme. On October 27, 2020, Pyatt was sentenced to 37 months in federal prison and ordered to pay restitution to his victims. [See United States v. Mark Nicholas Pyatt<\/em>, Case No. 1:20-cr-00016, ECF No. 42 (W.D.N.C. Nov. 5, 2020)]<\/p>\n\n\n\n

The CFTC cautions that orders requiring repayment of funds to victims may not result in the recovery of any money lost because the wrongdoers may not have sufficient funds or assets. The CFTC<\/a> will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable.<\/p>\n\n\n\n

The CFTC appreciates the cooperation and assistance of the U.S. Attorney\u2019s Office for the Western District of North Carolina in this matter.<\/p>\n\n\n\n

The Division of Enforcement staff members responsible for this case are Michael Loconte, James A. Garcia, Erica Bodin, and Rick Glaser.<\/p>\n\n\n\n

* * * * * *<\/p>\n\n\n\n

CFTC\u2019s Foreign Currency (Forex) Fraud Advisory<\/strong><\/p>\n\n\n\n

The CFTC has issued several customer protection\u00a0fraud advisories, including the\u00a0Forex Fraud Advisory<\/a>, which provides information about a type of fraud involving the trading of foreign currencies and how customers can detect, avoid, and report these scams.<\/p>\n\n\n\n

Customers can report suspicious activities or information, such as possible violations of commodity trading laws, to the Division of Enforcement via a toll-free hotline 866-FON-CFTC (866-366-2382) or file a tip or complaint online.<\/p>\n","protected":false},"excerpt":{"rendered":"

CFTC announced that Judge Max O. Cogburn Jr., of the U.S. District Court for the Western District of North Carolina, entered a consent order against Mark N. Pyatt<\/p>\n","protected":false},"author":2,"featured_media":4112,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1123,29,241,14],"tags":[1086,660,6,755],"class_list":["post-4588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finreg","category-forex-2","category-futures-2","category-financial-news","tag-cftc","tag-commodity-futures","tag-forex","tag-fraud"],"yoast_head":"\nFederal Court Orders North Carolina Man to Pay Over $255,000 in Futures and Forex Fraud Scheme -<\/title>\n<meta name=\"description\" content=\"CFTC announced that Judge Max O. 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