# CFTC Files Anti-Fraud Action against Idahoan Michael Justin Hoopes for Operating a Multi-Million Dollar Ponzi Scheme that Defrauded Mostly Idaho Residents

> CFTC release 6128-11 · 2011-10-27 · **Fraud** · ENFORCEMENT

## Key facts

- **Release number:** 6128-11
- **Release date:** 2011-10-27
- **Type:** Fraud
- **Title:** CFTC Files Anti-Fraud Action against Idahoan Michael Justin Hoopes for Operating a Multi-Million Dollar Ponzi Scheme that Defrauded Mostly Idaho Residents
- **Primary source:** https://www.cftc.gov/PressRoom/PressReleases/6128-11

## 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 6128-11, "CFTC Files Anti-Fraud Action against Idahoan Michael Justin Hoopes for Operating a Multi-Million Dollar Ponzi Scheme that Defrauded Mostly Idaho Residents", 2011-10-27. Retrieved via AI Analytics 2026-07-07 from https://api.ai-analytics.org/cftc-action/6128-11.

---

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