Page 591 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

The order resolves a CFTC action filed on October 8, 2021 and finds the
defendants liable for fraudulent solicitation, misappropriation of pool participant

funds, and making false statements to the National Futures Association (NFA)

regarding the fraud. The order requires the defendants to pay $1,631,072.29 in

restitution to victims and to pay a $727,588.91 civil monetary penalty. The court also

permanently prohibited the defendants from further violations of the Commodity

Exchange Act (CEA), as charged, and imposed permanent registration and trading

bans.

Case Background

The CFTC charged the defendants in connection with the CTAX Series 1, LLC

commodity pool (CTAX pool). The complaint alleged, and the court found, that

during the relevant period from approximately July 25, 2014 to March 22, 2019,
Mankad and CTAX Series (1) represented to pool participants that only experienced

commodity trading advisors (CTAs) would trade funds in the CTAX pool, when in
reality Mankad, who was not a CTA and had limited, unsuccessful experience trading

futures, engaged in much and eventually all trading in the CTAX pool; (2)

misrepresented and omitted material facts regarding brokerage commissions that

would be charged to the CTAX pool, when in fact Mankad and CTAX Partners

misappropriated pool funds by extracting excessive commissions triggered by

Mankad’s own unauthorized trading; (3) beginning in July 2018, recklessly traded the

CTAX pool’s assets in a manner that resulted in a loss of approximately 89 percent of

the CTAX pool’s assets, resulting in significant losses to pool participants; (4)

concealed those losses from pool participants by intentionally delaying the provision

of monthly account statements to pool participants; and (5) submitted false emails to

the NFA, in connection with an NFA audit of CTAX Series and CTAX Partners, to

make it appear that the defendants provided timely account statements to all pool

participants. As a result of this conduct, pool participants lost more than $1.9 million.

The CFTC previously issued an order simultaneously filing and settling related

charges against Paul Ohanian, an SEC-registered investment advisor based in

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