Federal Court Orders Arizona Resident Derek Springfield and His Company, Draven, LLC

Reason:
Fraudulent
Content of Penalty:

The Commodity Futures Trading Commission (CFTC) today announced that Judge David G. Campbell of U.S. District Court for the District of Arizona entered a Consent Order against Defendants Derek Springfield and his company, Draven, LLC (Draven), both of Mesa, Arizona finding that they fraudulently solicited and received at least $1.8 million from approximately 112 commodity pool participants in connection with pooled investments in commodity futures and foreign currency exchange (forex). The Order, entered on November 13, 2017, also finds that the Defendants engaged in fraudulent sales practices, misappropriated pool participant funds, and provided false account statements to pool participants.

Date: 13/11/2017
Amount: 2000000
Link: http://www.cftc.gov/PressRoom/PressReleases/pr7642-17

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