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Thursday, April 2, 2015

MAN RECEIVES LIFETIME BAN FROM COMMODITIES INDUSTRY FOR ROLE IN COMMODITY POOL FRAUD

FROM:  COMMODITY FUTURES TRADING COMMISSION 
March 27, 2015
Federal Court in South Carolina Imposes Lifetime Ban from Commodities Industry on Robert Stanley Harrison

The CFTC Charged Harrison with Commodity Pool Fraud in 2013

Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that Magistrate Judge Jacquelyn D. Austin of the U.S. District Court for the District of South Carolina entered an additional Order of permanent injunction against Robert Stanley Harrison of Easley, South Carolina, permanently banning him from engaging in commodity-related activity.

In entering the Order banning Harrison from the regulated commodities industry, the Court held that “Defendant’s conduct poses a significant threat to the integrity of the markets regulated by the CFTC.”  The Order, entered on March 23, 2015, permanently bans Harrison from trading in a broad range of commodity-related markets for himself or others, managing customer accounts, and registering with the CFTC in any capacity.

The Order stems from a CFTC civil enforcement Complaint filed on February 6, 2013 (see CFTC Press Release 6513-13) and a Consent Order of permanent injunction against Harrison entered by the Court on December 19, 2014 (see CFTC Press Release 7093-14).  The December Order found that Harrison, while acting as an unregistered Commodity Pool Operator, fraudulently solicited, issued false statements, and misappropriated funds in connection with the operation of the Investors Choice Advisors commodity pool from June 2011 to February 2013.  This Order required Harrison to pay a $275,000 civil monetary penalty and resolved the case in its entirety, except for the imposition of permanent trading and registration bans.

Harrison Indicted on Criminal Charges and Sentenced to Prison

On May 14, 2013, Harrison was indicted on criminal charges arising from the same fraudulent conduct that was the subject of the CFTC’s action (see United States v. Harrison, 8:13-cr-00354-MGL (D.S.C.)).  Harrison pleaded guilty to these charges and on September 22, 2014, was sentenced to 1 year and 1 day in prison and ordered to pay restitution to victims of his fraud.

The CFTC appreciates the assistance of the Office of the U.S. Attorney for the District of South Carolina and the South Carolina Attorney General’s Office.

CFTC Division of Enforcement staff members responsible for this action are Amanda Burks, Daniel Jordan, Michael Loconte, Erica Bodin, and Rick Glaser.

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