Mille Lees Mille Lees, Tuesday 18th February 2020, 8:46 AM CET
Commodity Futures Trading Commission, global futures llc, CFTC Fines, Wire Fraud

The Commodity Futures Trading Commission confirmed that they’d charged a twenty-seven years of age individual from Florida. This man pleaded guilty to committing federal wire fraud, which resulted in several clients in the United States to lose substantial funds at $1.2 million or higher. Matthew White was charged with a $200,000.00 civil monetary penalty, which extended to an additional $883,974.00 in restitution fees. Immediately after receiving the $1.83 million fine, more than six-hundred-thousand was paid out through M.W. Global Futures LLC.

It’s been nearly a month since this prior CEO first pleaded guilty to his criminal actions, with the Court of Seattle charging him on several counts of wire fraud. The U.S. District Attorneys Office didn’t determine the fine to be punishment enough, with his prison sentencing date slated for April 10th. It’s expected that he’ll receive a 10+ year sentencing from a Seattle judge. It should be noted that his criminal actions were conducted between February 2014 and July 2018, with multiple individuals being told lies to save himself from criminal charges.

These several investors would issue complaints to the CTFC, which prompted a secret investigation into Matthew White. It’d be revealed that his professional and educational backgrounds were forged, with this many have no previous experience in global financial markets. Since beginning the M.W. Global Futures LLC Company, criminal actions were being schemed. Financial analysts believe that individuals falling for these schemes should’ve known better, as the 16% promised annual return is impossible to sustain for any brokerages. It’d mean a minimal investment could turn in thousands of dollars in profit, which hasn’t been possible since digital currencies were first invented 10+ years ago.

The Truth Revealed

Further investigations into the contracts held with M.W. Global Futures LLC noted that minimal funds were ever traded into investment accounts. Profits for consumers were non-existent, with the majority of their funds being stolen and sent to offshore banks. Financial data was also taken, allowing for Matthew White to spend more than $280,000.00 of one investor’s money. He used the cash to pay off personal expenses like his auto loan, credit card and rent. Lawyers working for Matthew under his illegal financed allowed for a plea agreement to be made, which resulted in him paying off $600,000.00 to two victims and another $400,000.00 to another. The plea agreement ensures that Matthew won’t receive a life sentence, with parole options facing whatever sentencing is provided.

The CTFC spoke publicly regarding this court case. The association stated: “For example, White failed to disclose that his trading had resulted in a net loss and that the highest monthly profit he had earned was roughly $934. Additionally, White created and delivered monthly account statements to at least two pool participants, which falsely represented that he engaged in trading every month, that his trading was profitable, and that participants were earning positive returns on their deposits.”

Mille Lees

Author: Mille Lees

Millie has been with whichbroker.com since the start. She has a passion writing financial news after an internship at Bloomberg London. Millie's background in journalism and politics means she has an eye for a good story. Millie graduated from LSE and has a masters from Durham University England. Mille Lees can be contacted at [email protected], View all posts by Mille Lees

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