# CALIFORNIA FIRM CHASE COMMODITIES CORP. & TWO INDIVIDUALS CHARGED WITH DEFRAUDING CUSTOMERS; Firm and Traders Lee Lagorio and Excel Obando Allegedly Made False Claims that Customers Would Make Large Profits with Little Risk

> CFTC release 4973-04 · 2004-08-17 · **Other enforcement** · ENFORCEMENT

## Key facts

- **Release number:** 4973-04
- **Release date:** 2004-08-17
- **Type:** Other enforcement
- **Title:** CALIFORNIA FIRM CHASE COMMODITIES CORP. & TWO INDIVIDUALS CHARGED WITH DEFRAUDING CUSTOMERS; Firm and Traders Lee Lagorio and Excel Obando Allegedly Made False Claims that Customers Would Make Large Profits with Little Risk
- **Primary source:** https://www.cftc.gov/PressRoom/PressReleases/4973-04

## 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 4973-04, "CALIFORNIA FIRM CHASE COMMODITIES CORP. & TWO INDIVIDUALS CHARGED WITH DEFRAUDING CUSTOMERS; Firm and Traders Lee Lagorio and Excel Obando Allegedly Made False Claims that Customers Would Make Large Profits with Little Risk", 2004-08-17. Retrieved via AI Analytics 2026-07-19 from https://api.ai-analytics.org/cftc-action/4973-04.

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