August 22, 2013 CFTC Files to Revoke Registration of Prestige Capital Advisors, LLC, ordered to pay $6.9M in penalties, $4.1M restitution.

copied from cftc website

resource link:http://www.cftc.gov/PressRoom/PressReleases/pr6671-13

 

August 22, 2013

CFTC Files Action to Revoke Registration of Commodity Trading Advisor Prestige Capital Advisors, LLC

Washington, DC– The U.S. Commodity Futures Trading Commission (CFTC) today filed a Notice of Intent (Notice) to revoke the registration of Prestige Capital Advisors, LLC (Prestige) of Charlotte, North Carolina, as a Commodity Trading Advisor (CTA).

The CFTC Notice alleges that Prestige is subject to statutory disqualification from CFTC registration based on an Order of default judgment and permanent injunction entered against Prestige in the U.S. District Court for the Western District of North Carolina on January 25, 2013 (see CFTC Press Release 6615-13). The Order finds that Prestige fraudulently solicited and accepted more than $4.7 million from multiple pool participants for investment in one or more commodity pools that traded among other things, commodities and futures contracts. The Order also finds that Prestige misappropriated pool participant funds, posted false trading returns on a website called BarclayHedge (where fund managers could post unverified historical returns for prospective clients to view), sent false trading results to at least one Prestige pool participant, and issued false account statements. As a result, Prestige was ordered to pay approximately $6.9 million in civil monetary penalties and restitution of over $4.1 million.

CFTC Division of Enforcement staff members responsible for this case are Eugenia Vroustouris, Daniel Jordan, Michael Loconte, Erica Bodin, Rick Glaser, and Richard Wagner.

 

Last Updated: August 22, 2013

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