# Federal Court in New Jersey Orders Victor Eugene Cilli and His Company, Progressive Investment Funds LLC, to Pay over $700,000 in Restitution and Penalty in Commodity Pool Ponzi Scheme

> CFTC release 6267-12 · 2012-05-31 · **Ponzi scheme** · ENFORCEMENT

## Key facts

- **Release number:** 6267-12
- **Release date:** 2012-05-31
- **Type:** Ponzi scheme
- **Title:** Federal Court in New Jersey Orders Victor Eugene Cilli and His Company, Progressive Investment Funds LLC, to Pay over $700,000 in Restitution and Penalty in Commodity Pool Ponzi Scheme
- **Primary source:** https://www.cftc.gov/PressRoom/PressReleases/6267-12

## 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 6267-12, "Federal Court in New Jersey Orders Victor Eugene Cilli and His Company, Progressive Investment Funds LLC, to Pay over $700,000 in Restitution and Penalty in Commodity Pool Ponzi Scheme", 2012-05-31. Retrieved via AI Analytics 2026-07-09 from https://api.ai-analytics.org/cftc-action/6267-12.

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