Florida Court Imposes Over $25M in Sanctions in Fraud Case
Washington, D.C.—The U.S. Commodity Futures Trading Commission (CFTC) announced today that, on May 19, 2006, the Honorable Daniel T. K. Hurley of the United States District Court for the Southern District of Florida issued a Memorandum Opinion and Final Judgment of Injunctive and Other Equitable Relief against Jay M. Levy of Aventura, Florida, a commodity options salesman with the Boca Raton, Florida-based commodity options trading firm United Investors Group, Inc. (UIG).
The opinion, which was issued after a seven-day bench trial, permanently bars Levy from any commodity-related activity and imposes more than $746,000 in monetary sanctions for his violations of the anti-fraud provisions of the Commodity Exchange Act (CEA) and the CFTC's regulations. On June 28, 2006, the court denied Levy's motion to reconsider the final judgment in all respects except for a clarification and amendment of the post-judgment asset freeze entered against Levy.
In addition, on June 6, 2006, the same court entered a consent order of permanent injunction against UIG; options salesmen Greg P. Allotta and Michael H. Savitsky III, both of Boca Raton; and UIG principals Paul F. Plunkett of Deerfield, Florida, and Andrew D. Ross of Boca Raton. The consent order permanently bars UIG, Allotta, Savitsky, Plunkett, and Ross from any commodity-related activity and imposes more than $24 million in monetary sanctions for their violations of the anti-fraud provisions of the CEA and the CFTC's regulations. Read more at cftc.gov
Contact Reno lawyers
now and obtain a free case evaluation.
| |
 Did You Know? |
|
|
|
|
| |
Mediation may not be the most appropriate avenue for resolution in all cases.
For example, it may not be appropriate in cases where: A definitive or authoritative resolution of the matter is required; The matter involves or may bear upon significant questions of Government policy that require additional procedures before a final resolution may be made; Maintaining established policies that apply to many people is especially important; The matter significantly affects persons or groups who are not parties to the process; A full public record of the proceeding is important; or The agency must maintain continuing jurisdiction over the matter with authority to alter the disposition of the matter in light of changed circumstances.
|
|
|
|
|
|
|
