Ponzimonium by U.S. Commodity Futures Tradi U.S. Commodity Futures Trading Commission (CFTC)

Author:U.S. Commodity Futures Tradi U.S. Commodity Futures Trading Commission (CFTC)
Language: eng
Format: epub
Publisher: Skyhorse Publishing
Published: 2016-03-29T04:00:00+00:00

CLIENTS PRISON SENTENCE

>100 15 YEARS

AMOUNT COLLECTED APPROX. RESTITUTION

>$78,500,000 $35,000,000

LOST IN TRADING PENALTIES

>$3,000,000 $35,000,000

BANK FRAUD—Criminal fraud against a bank to obtain a loan or other bank services

As for Forte, he pled guilty to wire fraud, mail fraud, bank fraud, and money laundering charges in June of 2009. In November of that same year, Forte was sentenced to a term of fifteen years imprisonment with five years of supervised probation and ordered to pay close to $35 million in restitution and another $35 million in penalties.15,16 In the CFTC’s case against Forte, a permanent injunction is in place, and the receivership is in the process of collecting funds and determining the amount of restitution owed to investors.

Forte now resides in the Metropolitan Detention Center in Brooklyn, New York. Joseph S. Forte turned into federal inmate #63656-066; he’s projected to reappear in 2023.

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