CFTC’s complaint states that all of Long Leaf’s customers lost money in “Time Means Money” trading program. Over 400 customers lost approximately $6.1 million, while the company made $4.4 million from commissions.
The Commission seeks restitution for the defrauded customers, return of the gains, monetary penalties and permanent trading ban.
CFTC settled charges against Gecas who was ordered to pay $150,000 penalty and received a four-year trading ban. Leeney was ordered to pay $350,000 and is banned for five years.
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