Fla. Commodity Fraud Scheme Ends In Judgment For Millions
A federal judge in South Florida has ordered a Palm Beach Gardens man and his company to pay millions for operating an expansive commodities trading scam6 that took 2,000 investors for $28.4 million. The judgment stems from a Commodity Futures Trading Commission complaint filed in 2010 against Philip Milton and Trade, LLC. Milton will now pay restitution of $10.8 million and a $7.6 million penalty, the CFTC said, while Trade, LLC will pay restitution and penalties of $11.4 million and $24.8 million. Relief defedants in the case will pay about another $4 million. Litigation against two other men still continues, the CFTC added.