# CFTC Charges Michigan Man Jeffrey L. Groendyke with Operating a Foreign Currency Ponzi Scheme and Misappropriating Customer Funds

> CFTC release 6034-11 · 2011-05-05 · **Ponzi scheme** · ENFORCEMENT

## Key facts

- **Release number:** 6034-11
- **Release date:** 2011-05-05
- **Type:** Ponzi scheme
- **Title:** CFTC Charges Michigan Man Jeffrey L. Groendyke with Operating a Foreign Currency Ponzi Scheme and Misappropriating Customer Funds
- **Primary source:** https://www.cftc.gov/PressRoom/PressReleases/6034-11

## 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 6034-11, "CFTC Charges Michigan Man Jeffrey L. Groendyke with Operating a Foreign Currency Ponzi Scheme and Misappropriating Customer Funds", 2011-05-05. Retrieved via AI Analytics 2026-07-02 from https://api.ai-analytics.org/cftc-action/6034-11.

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