Todd Snively Be Careful Detroit Michigan!!. A commodities broker stole our money Todd Snively, owner of Futurewise Trading Group Inc. and Commodity Consultants International Inc. (both Michigan Corporations conducting business via the internet) defrauded us (his customers all over the US). He set up Futurewise as a deep discount commodity brokerage. Last week the Commodity Futures Trading Commision (CFTC) shut down Mr. Snively and his businesses and sued him (you can see the lawsuit in CFTC’s website (CFTC . gov). In short, CFTC alledges that Mr. Snively engaged in an internet-based commodity futures trading scheme (he took our money, but did not invest it as we directed him to. Apparently he kept it.) CFTC was able to freeze some funds and is in the process of determining who were the customers and how much each had involved to distribute the frozen assets (pro-rated I presume). Aside from getting some of our money back, there must be something else we, the defrauded customers, can do. At least I hope so, but I don’t know what our options are. I guess a class action is possible, but how do we go about it, and against who. Thanks for any help you can give, and sorry if I misclassified the question. ======================================== Release: #4606-02For Release: February 11, 2002 COMMODITY TRADER AND TWO MICHIGAN COMPANIES CHARGED WITH $2.9 MILLION FRAUD; GOVERNMENT ALLEGES FICTITIOUS TRADING Federal Court Freezes Assets and Bars the Destruction of Books and Records. WASHINGTON D.C. – The Commodity Futures Trading Commission (CFTC) announced today the filing of a complaint in federal court on February 8, 2002, against Todd J. Snively of Michigan, Commodity Consultant International, Inc. (CCI) and FutureWise Trading Group, Inc. (Futurewise). The complaint charges defendants with fraudulently operating an internet-based trading platform which purportedly permitted investors to place orders for commodity futures contracts through CCI and Futurewise and alleges that defendants misappropriated investorsu2019 funds. According to the complaint, defendants solicited and accepted at least $2.9 million from at least 60 people. Also, on February 8, 2002, the Honorable Paul V. Gadola of the U.S. District Court for the Eastern District of Michigan entered a statutory restraining order by consent against the defendants, freezing their assets, preventing the destruction or alteration of their books and records, and granting CFTC staff immediate access to those records. The CFTC complaint alleges that, since at least June 2001 and continuing through the present, Snively, CCI, and FutureWise, all of whom are CFTC registrants, solicited and accepted at least $2.9 million from at least 60 members of the general public, for the purported purpose of trading commodity futures. The complaint alleges that investors could either trade for themselves on the platform or place trades through CCI and FutureWise. According to the complaint, however, no trading occurred on behalf of investors. Instead, the complaint alleges, the defendants misappropriated some of the investorsu2019 funds for their own use. The complaint further alleges that defendants induced investors to maintain and add to their investments by providing account statements over the Internet that reflected investorsu2019 purportedly profitable futures trading. CFTC Chairman James Newsome said: u201cInvestor protection and market integrity are the Commissionu2019s primary objectives. In this case, our Chicago enforcement staff, in coordination with the National Futures Association, moved swiftly to protect investor funds and halt this alleged fraudulent activity. This is a good example of how the Commission works together with a front-line regulator to produce positive results. I will continue to promote the use of all of our regulatory authority to make sure that we uproot and prosecute all fraudulent activity in the futures markets.u201d In its continuing litigation against the defendants, the CFTC is seeking preliminary and permanent injunctive relief, an accounting, restitution to customers, disgorgement of ill-gotten gains, and civil monetary penalties of not more than the higher of $120,000 for each violation or triple the monetary gain to Defendants, among other remedial relief. A hearing has been scheduled for Wednesday, March 6, 2002, before Judge Paul V. Gadola on the CFTCu2019s motion for preliminary injunction. The National Futures Association (NFA), a futures industry self-regulatory organization, provided substantial assistance to the CFTC in this matter. Public inquiries can be directed to the CFTC at [email protected] or to the NFA at 800-621-3570. To obtain a copy of the complaint and order, go to the following Internet address: cftc . gov. Media Case Contact:Scott R. WilliamsonActing Regional Counsel, Central Regional OfficeCFTC Division of Enforcement(312) 886-3090 ================================ NFA ID Respondent Penalty/Event Event Date 0292459 SNIVELY, TODD JAMES u2022 ALJ DECISION 01/13/2004 u2022 AP REGISTRATION REVOKED 01/13/2004 Narrative Summary General Case Narrative Release: 4834-03 For Release: September 4, 2003 COMMODITY FUTURES TRADING COMMISSION SEEKS TO REVOKE REGISTRATIONS OF TODD J. SNIVELY AND HIS COMPANIES BASED ON PERMANENT INJUNCTION ENTERED IN FEDERAL COURT PROCEEDING Todd J. Snively, Resident of Northville, Michigan, and Two Michigan Corporations, Commodity Consultants International and Futurewise Trading Group, Are Subjects of Registration Actions Based on Misappropriation of $6.27 Million from 900 Customers Washington, D.C. u2018 The U. S. Commodity Futures Trading Commission (CFTC) announced today that on September 3, 2003, it filed Notices of Intent to Suspend, Revoke, or Restrict the CFTC registrations of Todd James Snively as an associated person, and the registrations of his companies, Commodity Consultants International, Inc. (CCI) as a futures commission merchant, and Futurewise Trading Group, Inc. (Futurewise) as a commodity pool operator, commodity trading advisor, and introducing broker based on the entry of an order of permanent injunction against them in a federal district court for the Eastern District of Michigan earlier this year. The March 2003 federal court order stemmed from a complaint filed by the CFTC on February 8, 2002 against Snively, CCI, and Futurewise, charging them with cheating hundreds of investors out of millions of dollars (see CFTC News Release 4606-02, February 11, 2002). The courtu2019s order was entered with the consent of the defendants, who neither admitted nor denied its allegations (see CFTC News Release 4764-03, March 20, 2003). The order requires Snively, a Northfield, Michigan resident, and CCI and Futurewise, both Michigan corporations, to repay $6.27 million to approximately 900 investors. The order further permanently prohibits Snively, CCI, and Futurewise from participating in the futures industry in any registered or exempt capacity and bars Snively, CCI, and Futurewise from trading for themselves or for others. The CFTC Notices allege that the courtu2019s order, and the facts underlying it, are sufficient under the statutory disqualification procedures of the Commodity Exchange Act (CEA) to suspend, restrict, or revoke the CFTC registrations of the registrants. Accordingly, the CFTC has ordered that a public hearing be held to determine whether the registrations of Snively, CCI, and Futurewise should be suspended, restricted, or revoked. The following CFTC Division of Enforcement staff are responsible for this case: Rosemary Hollinger, Scott Williamson, Robert Greenwald, Mark Bretscher, Donald Nash, and Joy McCormack. A copy of the CFTC Notices of Intent to Suspend, Revoke, or Restrict Snivelyu2019s, CCIu2019s, and Futurewiseu2019s registrations may be obtained at cftc . gov. Media Contact: Rosemary Hollinger Associate Director, Central Regional Office CFTC Division of Enforcement (312) 596-0520 # # # ——————————————————————————– Updated September 4, 2003 1/13/04 – ALJ Initial decision entered. Metadata Category Judicial Publications Collection United States Courts Opinions SuDoc Class Number JU 4.15 Court Type District Court Name United States District Court Eastern District of Michigan Circuit 6th Office Location Detroit Case Type criminal Party Names Todd J. Snively, DefendantUnited States of America, Plaintiff Opinion Filed Date August 15, 2005 Docket Text ORDER granting 15 Motion to reduce amount as to Todd J. Snively (1). Signed by Honorable John Corbett O’Meara. (DGoo, ) lawguru . com / legal-questions/michigan-general-civil-litigation/commodities-broker-stole-money-todd-287547356/ cftc . gov / files/enf/03orders/enfsnively-notice.pdf cftc . gov / opa / enf02/opa4606-02.htm nfa . futures . org / BasicNet / Case.aspx?entityid=0292459&case=SD+03-05&contrib=CFTC gpo . gov / fdsys / granule / USCOURTS-mied-2_04-cr-80994/USCOURTS-mied-2_04-cr-80994-0/content-detail.html
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