This entry was posted on Tuesday, February 16th, 2016 at 10:21 am and is filed under Industry Updates. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
February 7, 2016
CFTC Pursues Illegal Off-Exchange Precious Metals Transactions: The CFTC has obtained a federal Court Order imposing a permanent injunction against husband and wife team Cindy and Paul Vandivier of Mintline, Inc. The Commission accused the Vandiviers and their company of soliciting customers and misappropriating customer funds in connection with illegal, off-exchange transactions in precious metals. Specifically, the Order states that Mintline solicited customers to purchase physical metals on a leveraged, margined, or financed basis, however, the Vandiviers used that money instead to cover the company’s operating expenses and personal expenses. Each were required to pay a $1 million civil penalty and must jointly provide restitution to Mintline’s customers. (To read more about this, visit the CFTC).