So. California Trader Facing Fed Civil And Criminal Charges
Michael J. Leighton, a trader in Torrance, Calif., faces civil and criminal charges after allegedly soliciting $1.6 million for a commodities trading pool, then losing most of the money and not telling his investors. The Commodity Futures Trading Commission said Leighton began taking investments in 2008, posing as a successful trader. He sent phony account statements to investors and lied to them about the status of the pool, all the while losing $1.3 million in trades, the CFTC said. He is also the target of a commodities fraud charge filed by the U.S. Attorney's Office, the CFTC added.