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CFTC Charges Florida-Based Asset Manager with Engaging in Illegal, Off-Exchange

The U.S. Commodity Futures Trading Commission (CFTC) announced the filing of a civil injunctive enforcement action in the U.S. District Court for the Southern District of Florida against North American Asset Management, LLC (NAAM) of Fort Lauderdale, Florida; its Owner and President Alexi Bethel as well as Owner and Managing Director Steven Labadie.
CFTC filed a complaint against the asset management firm for engaging in illegal, off-exchange transactions in precious metals with retail customers on a leveraged, margined, or financed basis. The Complaint further alleges that Bethel and Labadie, as controlling persons for NAAM, are liable for NAAM’s violations of the Commodity Exchange Act (CEA).

News Characteristics

Date : Mar 04, 2016
Region : North America
Industry : Capital Markets
Function : Risk Management
Sub-Function : Fraud Management