# CFTC Charges California Residents Robert Cannone, Thomas Breen, and Francis Franco and Their Company, National Equities Holdings, Inc. with $1.4 Million Commodity Pool Fraud

> CFTC release 6142-11 · 2011-11-17 · **Fraud** · ENFORCEMENT

## Key facts

- **Release number:** 6142-11
- **Release date:** 2011-11-17
- **Type:** Fraud
- **Title:** CFTC Charges California Residents Robert Cannone, Thomas Breen, and Francis Franco and Their Company, National Equities Holdings, Inc. with $1.4 Million Commodity Pool Fraud
- **Primary source:** https://www.cftc.gov/PressRoom/PressReleases/6142-11

## 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 6142-11, "CFTC Charges California Residents Robert Cannone, Thomas Breen, and Francis Franco and Their Company, National Equities Holdings, Inc. with $1.4 Million Commodity Pool Fraud", 2011-11-17. Retrieved via AI Analytics 2026-05-20 from https://api.ai-analytics.org/cftc-action/6142-11.

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