# CFTC and State of Utah Charge Salt Lake City Precious Metals Dealer and His Company with Engaging in $170 Million Precious Metals Ponzi Scheme

> CFTC release 7842-18 · 2018-11-16 · **Ponzi scheme** · ENFORCEMENT

## Key facts

- **Release number:** 7842-18
- **Release date:** 2018-11-16
- **Type:** Ponzi scheme
- **Title:** CFTC and State of Utah Charge Salt Lake City Precious Metals Dealer and His Company with Engaging in $170 Million Precious Metals Ponzi Scheme
- **Primary source:** https://www.cftc.gov/PressRoom/PressReleases/7842-18

## 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 7842-18, "CFTC and State of Utah Charge Salt Lake City Precious Metals Dealer and His Company with Engaging in $170 Million Precious Metals Ponzi Scheme", 2018-11-16. Retrieved via AI Analytics 2026-07-20 from https://api.ai-analytics.org/cftc-action/7842-18.

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