Federal Court in Florida Imposes $350,000 Penalty against GlobeFX Club, Inc. and Jeremy Munson Globe for Making False Statements to the National Futures Association and Permanently Bars Defendants from Commodities Industry:
The U.S. Commodity Futures Trading Commission (CFTC) recently obtained a federal court consent order of permanent injunction requiring defendants GlobeFX Club, Inc. (GFC) and Jeremy Munson Globe, both of Homestead, Fla., jointly and severally to pay a $350,000 civil monetary penalty for concealing material facts and making false statements or misrepresentations to the National Futures Association (NFA) during an investigation and audit.
The order, entered on October 4, 2012, by Judge Paul C. Huck of the U.S. District Court for the Southern District of Florida, also imposes permanent trading and registration bans against the defendants and permanently prohibits them from violating the Commodity Exchange Act, as charged.
The consent order stems from a CFTC complaint filed on March 17, 2011. The complaint charged that from February to March 2009, GFC, through Globe, made false, fictitious, or fraudulent statements to the NFA during an NFA investigation and audit of GFC. According to the order, Globe told the NFA that GFC had never operated a pool or managed client accounts. This statement by Globe was false, the order finds. Also, in written correspondence to the NFA and orally, Globe continually denied that GFC operated a commodity pool, received client funds, managed client accounts, or had a trading account in the name of the firm, and Globe claimed GFC’s disclosure document was approved by the NFA. These statements were also false, the order finds.