CFTC shuts down alleged commodities scam in South Florida.

Posted by on Feb 28, 2013 in Marc's Blog | Comments(0)

When I reopened this practice in 2010 as a solo practitioner, we rented space in the Crexent office center in Jupiter, Florida. It is one of those office suite concepts where you give them your credit card and they provide everything, including phones and the like. It was great for setting up an office quickly.

The downside is that you sometimes have to deal with the mess a prior tenant left behind. When we first opened the office, we were getting mail for “Lloyds Commodities.” To me, one sign of a potential fraud is the use of a name that could confuse others. “Lloyds” appeared to have nothing in common with the company’s principals. On the other hand, it could confuse people into thinking that the company is somehow linked with “Lloyds of London,” the insurance outfit from England.

Amazingly, lots of people fell for the sales scheme that was alleged in CFTC Complaint. The CFTC recently obtained an injunction freezing the assets of many companies and their principals. Information on the CFTC’s investigation can be found here.

It’s frustrating to me to see this. No matter how much education is done and how much publicity is given, there are still people who are willing to listen to snake oil salesman promising better than average returns. I’ve said it before people. There is no magic bullet.

That’s the view of one lawyer from Jupiter, Palm Beach County, Florida. I’m Marc Dobin.

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