CFTC $1mn Fine for Futures Scam

On Mar. 28, CFTC fined trader $1mn for commodity futures fraud.

  • William Powderly fraudulently solicited customers and distributed false statements.


  • Defendant claimed that he and a university professor developed a trading program.
  • Said it generated hypothetical trading results, of gains without a single day of loss.
  • Powderly took $1.2mn from 7 customer, sustained $1mn net loss over 10-months.
  • False account statements created and distributed reporting profits and no losses.


  • Powderly fined $1mn restitution to defrauded customers and permanent trade ban.