UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF FLORIDA

CASE NO. 22-cv-23174-ALTMAN/Reid

COMMODITY FUTURES

TRADING COMMISSION,

Plaintiff, 

v.

ADAM TODD, et al.,

Defendants. 

_____________________________/ 

FINAL JUDGMENT

In a separate Order [ECF No. 35], we granted the Plaintiff’s Motion for Final Judgment by 

Default [ECF No. 32]. Under Federal Rule of Civil Procedure 58, we hereby ORDER and

ADJUDGE that: 

1. Judgment is entered in favor of the Plaintiff as follows: 

a. Permanent Injunctive Relief: The Defendants and their officers, directors, 

employees, agents, representatives, servants, subsidiaries, distributors, attorneys, 

and all persons acting in concert and participation with the Defendants are hereby 

permanently restrained and enjoined from: 

i. attempting to manipulate the price of a commodity in interstate commerce 

in violation of 7 U.S.C. §§ 9(3) and 13(a)(2) and 17 C.F.R. § 180.2 (2022);

ii. using a manipulative or deceptive device or contrivance in connection with 

the sale of a commodity in an attempt to manipulate the price of a 

commodity in interstate commerce in violation of 7 U.S.C. § 9(1) and 17 

C.F.R. § 180.1(a) (2022); 

iii. confirming the execution of contracts for the purchase or sale of digital 

assets for future delivery; and conducting an office or business in the U.S. 

for the purpose of soliciting, or accepting any order for, or otherwise 

dealing in, any transaction in, or in connection with contracts for the 

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purchase or sale of digital assets for future delivery without conducting its 

futures transactions on or subject to the rules of a board of trade that was 

designated or registered by the CFTC as a contract market in violation of 

7 U.S.C. § 6(a);

iv. operating as an unregistered Futures Commission Merchant by engaging 

in soliciting or accepting orders for the purchase or sale commodities for 

future delivery; and, in or in connection with these activities, accepting 

money, securities, or property (or extending credit in lieu thereof) to 

margin, guarantee, or secure resulting trades on an exchange in violation 

of 7 U.S.C. § 6d; 

v. failing to implement a Customer Information Program, failing to 

implement KYC policies and procedures, failing to implement an AntiMoney Laundering program, failing to retain required customer 

information, or failing to implement procedures to determine whether a 

customer appears on lists of known or suspected terrorists or terrorist 

organizations such as those issued by OFAC in violation of 17 C.F.R. § 

42.2 (2022);

vi. trading on or subject to the rules of any registered entity (as that term is 

defined in Section la of the Act, 7 U.S.C. § la(40));

vii. entering into any transactions involving “commodity interests” (as that 

term is defined in Commission Regulation 1.3, 17 C.F.R. § 1.3 (2022)) or 

digital asset commodities (as described herein), for Defendants’ own 

accounts or for any account in which they have a direct or indirect interest;

viii.having any commodity interests or digital asset commodities traded on 

Defendants’ behalf;

ix. controlling or directing the trading for or on behalf of any other person or 

entity, whether by power of attorney or otherwise, in any account involving 

commodity interests or digital asset commodities;

x. soliciting, receiving, or accepting any funds from any person for the 

purpose of purchasing or selling any commodity interests or digital asset 

commodities;

xi. applying for registration or claiming exemption from registration with the 

Commission in any capacity, and engaging in any activity requiring such 

registration or exemption from registration with the Commission, except 

as provided for in Regulation 4.14(a)(9), 17 C.F.R. § 4.14(a)(9) (2022); and

xii. acting as a principal (as that term is defined in Regulation 3.1(a), 17 C.F.R. 

§ 3.1(a) (2022)), agent or any other officer or employee of any person 

registered, exempted from registration or required to be registered with the 

Commission except as provided for in Regulation 4.14(a)(9).

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b. Disgorgement: 

i. Defendants shall pay, jointly and severally, disgorgement in the amount of 

three million, nine hundred twelve thousand, two hundred twenty-two 

dollars ($3,912,220) (“Disgorgement Obligation”), representing the gains 

received in connection with the violations described above. If the 

Disgorgement Obligation is not paid immediately, then post-judgment 

interest shall accrue on the Disgorgement Obligation beginning on the 

date of entry of this Order and shall be determined by using the Treasury 

Bill rate prevailing on the date of entry of this Order pursuant to 28 U.S.C. 

§ 1961. 

ii. Defendants shall pay their Disgorgement Obligation and any postjudgment interest by electronic funds transfer, U.S. postal money order, 

certified check, bank cashier’s check, or bank money order. If payment is 

to be made other than by electronic funds transfer, then the payment shall 

be made payable to the Commodity Futures Trading Commission and sent 

to the address below. If payment by electronic funds transfer is chosen, 

Defendants shall contact Tonia King or her successor at the address above 

to receive payment instructions and shall fully comply with those 

instructions. Defendants shall accompany payment of the Disgorgement 

Obligation with a cover letter that identifies Defendants and the name and 

docket number of this proceeding. Defendants shall simultaneously 

transmit copies of the cover letter and the form of payment to the Chief

Financial Officer, Commodity Futures Trading Commission, Three 

Lafayette Centre, 1155 21st Street, NW, Washington, D.C. 20581. 

 

MMAC/ESC/AMK326 

Commodity Futures Trading Commission 

Division of Enforcement 

6500 S. MacArthur Blvd. 

HQ Room 266 

Oklahoma City, OK 73169 

9-AMC-AR-CFTC@faa.gov

c. Civil Monetary Penalty: 

i. Defendants shall pay, jointly and severally, a civil monetary penalty of triple 

the monetary gains to Defendants in the amount of eleven million, seven 

hundred thirty-six thousand, six hundred sixty dollars ($11,736,660) 

(“CMP Obligation”). If the CMP Obligation is not paid immediately, then 

post-judgment interest shall accrue on the CMP Obligation beginning on 

the date of entry of this Order and shall be determined by using the 

Treasury Bill rate prevailing on the date of entry of this Order pursuant to 

28 U.S.C. § 1961. 

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ii. Defendants shall pay their CMP Obligation and any post-judgment 

interest, by electronic funds transfer, U.S. postal money order, certified 

check, bank cashier’s check, or bank money order. If payment is to be 

made other than by electronic funds transfer, then the payment shall be 

made payable to the Commodity Futures Trading Commission and sent to 

the address below. If payment by electronic funds transfer is chosen, 

Defendants shall contact Tonia King or her successor at the address above 

to receive payment instructions and shall fully comply with those 

instructions. Defendants shall accompany payment of the CMP Obligation 

with a cover letter that identifies Defendants and the name and docket 

number of this proceeding. Defendants shall simultaneously transmit 

copies of the cover letter and the form of payment to the Chief Financial 

Case 1:22-cv-23174-RKA Document 32-3 Entered on FLSD Docket 

06/12/2023 Page 24 of 26 25 Officer, Commodity Futures Trading 

Commission, Three Lafayette Centre, 1155 21st Street, NW, Washington, 

D.C. 20581.

MMAC/ESC/AMK326 

Commodity Futures Trading Commission 

Division of Enforcement 

6500 S. MacArthur Blvd. 

HQ Room 266 

Oklahoma City, OK 73169 

9-AMC-AR-CFTC@faa.gov

iii. Acceptance by the Commission/CFTC of any partial payment of 

Defendants’ Disgorgement Obligation or CMP Obligation shall not be 

deemed a waiver of their obligation to make further payments pursuant to 

this Order, or a waiver of the Commission/CFTC’s right to seek to compel 

payment of any remaining balance.

2. All notices required to be given by any provision in this Order shall be sent by certified 

mail, return receipt requested, as follows: 

Notice to Commission:

Robert T. Howell 

Deputy Director, Division of Enforcement 

Commodity Futures Trading Commission 

77 W. Jackson Boulevard, Suite 800 

Chicago, IL 60604

Notice to Defendants:

adamtodd@yahoo.com

All such notices to the Commission shall reference the name and docket number of 

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this action.

3. Change of Address/Phone: Until such time as Defendants satisfy in full their 

Disgorgement Obligation and Civil Monetary Penalty Obligation as set forth in this 

Order, Defendants shall provide written notice to the Commission by certified mail of 

any change to their telephone numbers or mailing addresses within ten calendar days 

of the change.

DONE AND ORDERED in the Southern District of Florida on June 29, 2022.

__________________________________

ROY K. ALTMAN

UNITED STATES DISTRICT JUDGE

cc: counsel of record

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