CFTC fines Arizona firm for futures fraud
The Commodity Futures Trading Commission has obtained a US federal court consent order against an Arizona firm called Draven, for the fraudulent solicitation of at least $1.8m for pooled investments in commodity futures and FX.
The consent order, entered by Judge David Campbell, found that Derek Springfield and his company, Draven, pooled around 112 participants to contribute to customer funds. It is alleged that the defendants promised that customers’ money would be placed in segregated accounts for futures, FX and options trading.
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