CFTC Wins $2.5 Million Judgment in Blue Guru Case

Source: Finance Magnates 2020-01-11

The US Commodity Futures Trading Commission obtained a $2.5 million penalty and judgment by default against Richard D. Carter and his company Blue Guru, LLC for operating a commodity pool fraud.

The order requires defendants and the firm to pay a $1.76 million civil penalty and disgorge roughly $838,642 in ill-gotten gains. Additionally, it imposes permanent trading and registration bans against Richard and his company.

The agency originally charged Carter with helping Mark Slobodnik, a former member of the CME exchange, in operating Blue Guru fraudulent scheme over a four year period. The charges included making false representations about average monthly gains to solicit more than $1.76 million from nearly 80 people, supposedly to invest in a high-frequency commodity pool fund.

Carter allegedly told clients their investments would be traded through a clearinghouse called Straits Financial and sent some of them fabricated statements showing that the firm held a balance of more than $6.1 million.

CFTC Wins $2.5 Million Judgment in Blue Guru Case

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