Federal Court Orders Ward Onsa of Marco Island, Florida and His Company, New Century Investment Management LLC of Southampton, Pennsylvania to Pay $5.7 Million Civil Monetary Penalty for Operating a Commodity Pool Ponzi Scheme Ponzi scheme

CFTC release 6902-14 · 2014-04-01 · view on cftc.gov ↗

Key facts

Release number: 6902-14
Release date: 2014-04-01
Type: Ponzi scheme
Primary source: https://www.cftc.gov/PressRoom/PressReleases/6902-14

About CFTC enforcement

The CFTC charges market participants under the Commodity Exchange Act for spoofing, manipulation, fraud, wash trades, registration violations, and commodity-pool-operator misconduct. Most actions settle with restitution + civil money penalty + a bar/suspension. Crypto-asset cases have been a major share since 2019.