# Federal Court in Florida Orders James Burbage, Frank Gaudino, and Their Companies to Pay over $5 Million in Restitution and Penalties to Settle Charges Related to Illegal, Off-Exchange Precious Metals Transactions

> CFTC release 6850-14 · 2014-02-06 · **Settlement** · ENFORCEMENT

## Key facts

- **Release number:** 6850-14
- **Release date:** 2014-02-06
- **Type:** Settlement
- **Title:** Federal Court in Florida Orders James Burbage, Frank Gaudino, and Their Companies to Pay over $5 Million in Restitution and Penalties to Settle Charges Related to Illegal, Off-Exchange Precious Metals Transactions
- **Primary source:** https://www.cftc.gov/PressRoom/PressReleases/6850-14

## 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 6850-14, "Federal Court in Florida Orders James Burbage, Frank Gaudino, and Their Companies to Pay over $5 Million in Restitution and Penalties to Settle Charges Related to Illegal, Off-Exchange Precious Metals Transactions", 2014-02-06. Retrieved via AI Analytics 2026-06-30 from https://api.ai-analytics.org/cftc-action/6850-14.

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