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CFTC Press Releases·

CFTC Secures Court Order Directing Texas Man and His Company to Pay Over $13 Million in Commodities Fraud

  • The U.S. District Court for the Northern District of Texas entered a default judgment against Walter Dunning Larrick III & Cambridge Financial Advisors LLC for commodities fraud.
  • The defendants fraudulently solicited & misappropriated over $3 million from participants.
  • The court found the defendants falsely claimed funds would be used to trade futures & options on natural gas, oil, & gold while making material misrepresentations about profitability.
  • False account statements were issued to conceal the misconduct & misappropriation of funds.
  • Funds were misappropriated through a Ponzi-like scheme, payments for Larrick's personal expenses, & transfers to offshore accounts in Costa Rica.
  • The court ordered the defendants to pay a $9,767,625 civil monetary penalty & $3,255,875 in restitution.
  • The defendants were permanently enjoined from further violations of the Commodity Exchange Act & imposed permanent trading & registration bans.
  • The default judgment resolves all claims from the CFTC's 2023 complaint.