# U.S.DISTRICT COURT ISSUES ORDER REQUIRING FLORIDA RESIDENTS WILLIAM A. FOLINO, GEORGE BELANGER AND INVESTORS FREEDOM CLUB LC TO PAY OVER $2 MILLION IN RESTITUTION IN FOREX COMMODITY SCAM; William Folino Also Ordered To Pay Up To $2.3 Million In Civil Penalties

> CFTC release 5066-05 · 2005-04-12 · **Other enforcement** · ENFORCEMENT

## Key facts

- **Release number:** 5066-05
- **Release date:** 2005-04-12
- **Type:** Other enforcement
- **Title:** U.S.DISTRICT COURT ISSUES ORDER REQUIRING FLORIDA RESIDENTS WILLIAM A. FOLINO, GEORGE BELANGER AND INVESTORS FREEDOM CLUB LC TO PAY OVER $2 MILLION IN RESTITUTION IN FOREX COMMODITY SCAM; William Folino Also Ordered To Pay Up To $2.3 Million In Civil Penalties
- **Primary source:** https://www.cftc.gov/PressRoom/PressReleases/5066-05

## 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 5066-05, "U.S.DISTRICT COURT ISSUES ORDER REQUIRING FLORIDA RESIDENTS WILLIAM A. FOLINO, GEORGE BELANGER AND INVESTORS FREEDOM CLUB LC TO PAY OVER $2 MILLION IN RESTITUTION IN FOREX COMMODITY SCAM; William Folino Also Ordered To Pay Up To $2.3 Million In Civil Penalties", 2005-04-12. Retrieved via AI Analytics 2026-07-23 from https://api.ai-analytics.org/cftc-action/5066-05.

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