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CFTC Press Releases·

CFTC Secures Court Orders Directing Texas and Florida Residents to Pay Over $500,000 in Disgorgement and Civil Monetary Penalties and Imposing Trading Bans for Commodity Pool Fraud

  • The CFTC secured court orders against Texas and Florida residents Steven Likos and Archie Rice for commodity pool fraud involving over $500,000 in penalties.
  • Likos misappropriated customer funds while acting for Algo Capital LLC, falsely promised withdrawals, and ignored red flags regarding Traders Domain FX Ltd.
  • Rice solicited customers for Centurion Capital Group Inc., falsely touted historical profits, and ignored red flags regarding Traders Domain FX Ltd.
  • The court ordered Likos to pay $320,041.38 in disgorgement and Rice to pay $227,220 in civil monetary penalties.
  • Both defendants received permanent injunctions against violating the Commodity Exchange Act and permanent trading and registration bans.
  • These consent orders resolve claims against Likos and Rice from an action filed September 30, 2024, while enforcement against other defendants continues.
  • The CFTC warns that disgorgement orders may not result in victim recovery if defendants lack sufficient funds or assets.