Page 35 - 期货和衍生品行业监管动态（2022年10月）

期货和衍生品行业监管动态

Owner with Ongoing Fraud (2022/10/5)

The Commodity Futures Trading Commission today announced that it filed a

civil enforcement action in the U.S. District Court for the District of Delaware against

a precious metals dealer, Argent Asset Group LLC (Argent), and a precious metals

depository, First State Depository Company, LLC (FSD), both of Wilmington,

Delaware, and their owner, Robert Leroy Higgins (Higgins) of West Chester,

Pennsylvania, charging them with fraud in connection with a multimillion-dollar

precious metals scheme.

On September 29, U.S. District Court Judge Richard Andrews signed an ex parte

statutory restraining order freezing assets controlled by the defendants, preserving

records, and appointing a temporary receiver. A status hearing is scheduled for

October 11.

In continuing litigation against the defendants, the CFTC seeks restitution,
disgorgement, civil monetary penalties, permanent trading and registration bans, and a

permanent injunction against further violations of the Commodity Exchange Act

(CEA) and CFTC regulations, as charged.

“As this enforcement action shows, the CFTC will vigorously investigate and

seek to hold accountable those who make false promises and misappropriate customer

funds,” said Acting Director of Enforcement Gretchen Lowe.

Case Background

The complaint alleges that from approximately January 2014 through the present,

Argent and FSD, acting as a common enterprise controlled by Higgins, engaged in a

fraudulent and deceptive scheme to solicit and misappropriate at least $7 million in

funds and silver from at least 200 customers in connection with a fraudulent silver

leasing program referred to as the “Maximus Program.” The complaint further alleges
Higgins either directly engaged in deceptive conduct in furtherance of the scheme or

did so indirectly by virtue of his being the control person of Argent and FSD.

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