CFTC charges family in $3.2m commodity pool fraud scheme

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Net Patrol International Inc.  Data Investigation and Forensic Services
Bankruptcy and Insolvency Trustees

The U.S. Commodity Futures Trading Commission (CFTC) has announced that a US court has ordered a default judgment and permanent injunction against Ryan Magee, his wife Dalyne Magee and his father David Magee in connection with a commodity pool fraud that targeted US and Canadian participants. 

Calgary-based family: fraudulent promises to investors of 200-300%

The court’s order requires that the Magees jointly pay back $715,069 in misappropriated customer funds and Ryan Magee to pay restitution of $1,324,490. Further penalties of $840,000 have been imposed on Ryan Magee and $140,000 each on David and Dalyne Magee. Furthermore, the Magees are also permanently banned from trading or registering with the CFTC.

Read the full article at Finance Magnates.