# CFTC ORDERS PONZI SCHEME PARTICIPANTS WILLIAM ROGERS, MARIA TOCZYLOWSKI, AND HAROLD LUDWIG TO PAY MILLIONS; Two Former Officers of Republic New York Securities Corp. and Former Director of Princeton Global Management, Ltd., Ordered to Pay Over $14 Million in Restitution and Penalties

> CFTC release 4952-04 · 2004-07-13 · **Ponzi scheme** · ENFORCEMENT

## Key facts

- **Release number:** 4952-04
- **Release date:** 2004-07-13
- **Type:** Ponzi scheme
- **Title:** CFTC ORDERS PONZI SCHEME PARTICIPANTS WILLIAM ROGERS, MARIA TOCZYLOWSKI, AND HAROLD LUDWIG TO PAY MILLIONS; Two Former Officers of Republic New York Securities Corp. and Former Director of Princeton Global Management, Ltd., Ordered to Pay Over $14 Million in Restitution and Penalties
- **Primary source:** https://www.cftc.gov/PressRoom/PressReleases/4952-04

## What this is

CFTC enforcement actions cover derivatives + commodities + crypto fraud cases. The Commission charges market participants under the Commodity Exchange Act for spoofing, manipulation, fraud, wash trades, registration violations, and pool-operator misconduct. Most actions settle with restitution + civil money penalty + a bar/suspension.


## Citation

> US Commodity Futures Trading Commission, press release 4952-04, "CFTC ORDERS PONZI SCHEME PARTICIPANTS WILLIAM ROGERS, MARIA TOCZYLOWSKI, AND HAROLD LUDWIG TO PAY MILLIONS; Two Former Officers of Republic New York Securities Corp. and Former Director of Princeton Global Management, Ltd., Ordered to Pay Over $14 Million in Restitution and Penalties", 2004-07-13. Retrieved via AI Analytics 2026-07-19 from https://api.ai-analytics.org/cftc-action/4952-04.

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