Life Insurance & Annuities Alert
We write today about an action filed by the United States Commodity Futures Trading Commission (CFTC) against Elite Management Holdings Corporation (EMHC), MJM Enterprises LLC (MJM) and their owners for allegedly operating a multimillion-dollar fraudulent scheme. According to the complaint, defendants used “numerous investment pools operated by defendants [EMHC and MJM], both of which were unregistered commodity pool operators (CPOs) [to orchestrate] a fraudulent scheme that induced more than 130 pool participants … to invest at least $4.7 million in the pools.” The CFTC seeks injunctive relief, “civil monetary penalties” and “trading and registration bans.”
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