Florida Court Imposes Over $25M in Sanctions in Fraud Case
Washington, D.C.—The U.S. Commodity Futures Trading Commission (CFTC) announced today that, on May 19, 2006, the Honorable Daniel T. K. Hurley of the United States District Court for the Southern District of Florida issued a Memorandum Opinion and Final Judgment of Injunctive and Other Equitable Relief against Jay M. Levy of Aventura, Florida, a commodity options salesman with the Boca Raton, Florida-based commodity options trading firm United Investors Group, Inc. (UIG).
The opinion, which was issued after a seven-day bench trial, permanently bars Levy from any commodity-related activity and imposes more than $746,000 in monetary sanctions for his violations of the anti-fraud provisions of the Commodity Exchange Act (CEA) and the CFTC's regulations. On June 28, 2006, the court denied Levy's motion to reconsider the final judgment in all respects except for a clarification and amendment of the post-judgment asset freeze entered against Levy.
In addition, on June 6, 2006, the same court entered a consent order of permanent injunction against UIG; options salesmen Greg P. Allotta and Michael H. Savitsky III, both of Boca Raton; and UIG principals Paul F. Plunkett of Deerfield, Florida, and Andrew D. Ross of Boca Raton. The consent order permanently bars UIG, Allotta, Savitsky, Plunkett, and Ross from any commodity-related activity and imposes more than $24 million in monetary sanctions for their violations of the anti-fraud provisions of the CEA and the CFTC's regulations. Read more at cftc.gov
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The mediation process may vary depending on the mediator.
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