# Federal Court Orders North Carolina Residents Timothy Bailey and Michael Hudspeth, and their Company, PMC Strategy, LLC, to Pay over $1.8 Million for Fraud in Foreign Currency Ponzi Scheme

> CFTC release 6569-13 · 2013-04-18 · **Fraud** · ENFORCEMENT

## Key facts

- **Release number:** 6569-13
- **Release date:** 2013-04-18
- **Type:** Fraud
- **Title:** Federal Court Orders North Carolina Residents Timothy Bailey and Michael Hudspeth, and their Company, PMC Strategy, LLC, to Pay over $1.8 Million for Fraud in Foreign Currency Ponzi Scheme
- **Primary source:** https://www.cftc.gov/PressRoom/PressReleases/6569-13

## 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 6569-13, "Federal Court Orders North Carolina Residents Timothy Bailey and Michael Hudspeth, and their Company, PMC Strategy, LLC, to Pay over $1.8 Million for Fraud in Foreign Currency Ponzi Scheme", 2013-04-18. Retrieved via AI Analytics 2026-05-21 from https://api.ai-analytics.org/cftc-action/6569-13.

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