# Federal Court Orders Nicholas A. Guarino, Jr. and Wall Street Underground, Inc. to Pay Over $2 Million to Defrauded Customers and to Pay a $7 Million Fine for Fraudulently Promoting Commodity Trading Systems

> CFTC release 5206-06 · 2006-07-26 · **Fraud** · ENFORCEMENT

## Key facts

- **Release number:** 5206-06
- **Release date:** 2006-07-26
- **Type:** Fraud
- **Title:** Federal Court Orders Nicholas A. Guarino, Jr. and Wall Street Underground, Inc. to Pay Over $2 Million to Defrauded Customers and to Pay a $7 Million Fine for Fraudulently Promoting Commodity Trading Systems
- **Primary source:** https://www.cftc.gov/PressRoom/PressReleases/5206-06

## 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 5206-06, "Federal Court Orders Nicholas A. Guarino, Jr. and Wall Street Underground, Inc. to Pay Over $2 Million to Defrauded Customers and to Pay a $7 Million Fine for Fraudulently Promoting Commodity Trading Systems", 2006-07-26. Retrieved via AI Analytics 2026-07-19 from https://api.ai-analytics.org/cftc-action/5206-06.

---

*[CFTC actions dataset](/datasets/cftc-actions) · CC0 1.0*