Leslie Weiner, a former broker for Liberty Financial Trading Corp. (LFTC) and Liberty Real Assets Investment Corp. (LRAIC), has agreed to pay $170,000 in penalty and restitution to settle charges made by the Commodity Futures Trading Commission (CFTC) that he defrauded investor clients.
The CFTC says that LRAIC, LFTC, and Weiner engaged in fraudulent soliciting practices to persuade investors to open accounts. The CFTC has accused Weiner of “false and misleading solicitations.” The CFTC had filed its complaint in the U.S. District Court for the Southern District of Florida on September 21, 2004.
The consent order, issued on January 8, found that Weiner, when working for LFTC and then later LRAIC, made sales solicitations that misrepresented the risks involved in trading commodity options and did not disclose customer accounts’ actual performance records or the fact that both companies had poor track records when it came to trading commodity options.
As part of the settlement, Weiner also agreed to a permanent ban preventing him from taking part in any activities involving commodities, including soliciting funds, trading on any registered entities, and guiding or controlling any commodity interest accounts-related trades.
By settling the CFTC charges, Weiner is not admitting to or denying the allegations.
Please contact the stockbroker fraud law firm of Shepherd Smith and Edwards if you are an investor who lost money because a stockbroker or brokerage firm engaged in misconduct or fraud. Your first consultation is free.
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