Michigan | Civil Litigation
Legal Question
A commodities broker stole our money
Todd Snively, owner of Futurewise Trading Group Inc. and Commodity Consultants International Inc. (both Michigan Corporations conducting business via the internet) defrauded us (his customers all over the US). He set up Futurewise as a deep discount commodity brokerage. Last week the Commodity Futures Trading Commision (CFTC) shut down Mr. Snively and his businesses and sued him (you can see the lawsuit in CFTC's website (www.CFTC.gov). In short, CFTC alledges that Mr. Snively engaged in an internet-based commodity futures trading scheme (he took our money, but did not invest it as we directed him to. Apparently he kept it.)
CFTC was able to freeze some funds and is in the process of determining who were the customers and how much each had involved to distribute the frozen assets (pro-rated I presume).
Aside from getting some of our money back, there must be something else we, the defrauded customers, can do. At least I hope so, but I don't know what our options are. I guess a class action is possible, but how do we go about it, and against who.
Thanks for any help you can give, and sorry if I misclassified the question.
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Read More Answered By: Geoffrey Lahn |
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