# CFTC CHARGES SAN DIEGO FOREIGN CURRENCY FIRM WHITE PINE TRUST CORPORATION AND ITS FOUNDER, RICHARD MATTHEWS, WITH FRAUD AND MISAPPROPRIATION OF CUSTOMER FUNDS; Over $30 Million in Suspect Funds Uncovered in Federal Probe

> CFTC release 5016-04 · 2004-11-02 · **Fraud** · ENFORCEMENT

## Key facts

- **Release number:** 5016-04
- **Release date:** 2004-11-02
- **Type:** Fraud
- **Title:** CFTC CHARGES SAN DIEGO FOREIGN CURRENCY FIRM WHITE PINE TRUST CORPORATION AND ITS FOUNDER, RICHARD MATTHEWS, WITH FRAUD AND MISAPPROPRIATION OF CUSTOMER FUNDS; Over $30 Million in Suspect Funds Uncovered in Federal Probe
- **Primary source:** https://www.cftc.gov/PressRoom/PressReleases/5016-04

## 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 5016-04, "CFTC CHARGES SAN DIEGO FOREIGN CURRENCY FIRM WHITE PINE TRUST CORPORATION AND ITS FOUNDER, RICHARD MATTHEWS, WITH FRAUD AND MISAPPROPRIATION OF CUSTOMER FUNDS; Over $30 Million in Suspect Funds Uncovered in Federal Probe", 2004-11-02. Retrieved via AI Analytics 2026-07-17 from https://api.ai-analytics.org/cftc-action/5016-04.

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