# Federal Court Enters $2.2 Million Default Judgment Order against Florida-based Global Precious Metals Trading Company and its Owner, Michael Ghaemi, for Operating a Fraudulent Off-Exchange Precious Metals Scheme

> CFTC release 6670-13 · 2013-08-23 · **Fraud** · ENFORCEMENT

## Key facts

- **Release number:** 6670-13
- **Release date:** 2013-08-23
- **Type:** Fraud
- **Title:** Federal Court Enters $2.2 Million Default Judgment Order against Florida-based Global Precious Metals Trading Company and its Owner, Michael Ghaemi, for Operating a Fraudulent Off-Exchange Precious Metals Scheme
- **Primary source:** https://www.cftc.gov/PressRoom/PressReleases/6670-13

## 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 6670-13, "Federal Court Enters $2.2 Million Default Judgment Order against Florida-based Global Precious Metals Trading Company and its Owner, Michael Ghaemi, for Operating a Fraudulent Off-Exchange Precious Metals Scheme", 2013-08-23. Retrieved via AI Analytics 2026-07-15 from https://api.ai-analytics.org/cftc-action/6670-13.

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