UNITED STATES DISTRICT COURT

MIDDLE DISTRICT OF FLORIDA

ORLANDO DIVISION

COMMODITY FUTURES TRADING 

COMMISSION, 

Plaintiff,

v. Case No: 6:18-cv-1607-GAP-GJK

RONALD MONTANO and 

MONTANO ENTERPRISES, LLC,

Defendants.

ORDER

On September 27, 2018, Plaintiff Commodity Futures Trading Commission 

(“Commission” or “CFTC”) filed a Complaint against Defendants Ronald 

Montano, Montano Enterprises LLC, and Michael Wright, seeking injunctive and 

other equitable relief, as well as the imposition of civil penalties, for violations of 

the Commodity Exchange Act (“Act”), 7 U.S.C. §§ 1–26 (2018), and the

Commission’s Regulations (“Regulations”) promulgated thereunder, 17 C.F.R. pts. 

1–190 (2020).

II. CONSENTS AND AGREEMENTS

To effect settlement of all charges alleged in the Complaint against 

Defendants Ronald Montano and Montano Enterprises Limited, LLC (jointly, 

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“Montano”),1 without a trial on the merits or any further judicial proceedings, 

Defendant Ronald Montano, on his own behalf and on behalf of Defendant 

Montano Enterprises, LLC, the foregoing defendants being jointly and severally 

liable for one another, hereby:

1. Consents to the entry of this Consent Order for Permanent Injunction, 

Civil Monetary Penalty and Other Equitable Relief Against Montano (“Consent 

Order”);

2. Affirms that Montano has read and agreed to this Consent Order 

voluntarily, and that no promise, other than as specifically contained herein, or 

threat, has been made by the Commission or any member, officer, agent, or 

representative thereof, or by any other person, to induce consent to this Consent 

Order;

3. Acknowledges services of the summons and Complaint;

4. Admits the jurisdiction of this Court over Montano and the subject 

matter of this action pursuant to Section 6c of the Act, 7 U.S.C. § 13a-1 (2018);

5. Admits the jurisdiction of the CFTC over the conduct and 

transactions at issue in this action pursuant to the Act;

1 To the extent that this document refers to Mr. Montano in his individual capacity, it 

shall so specify by using the identifier “Defendant Ronald Montano.” Otherwise, “Montano” 

shall refer to both defendants as set forth above.

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6. Admits that venue properly lies with this Court pursuant to Section 

6c(e) of the Act, 7 U.S.C. § 13a-1(e) (2018);

7. Waives:

a) Any and all claims that Montano may possess under the Equal Access 

to Justice Act, 5 U.S.C. § 504 (2018) and 28 U.S.C. § 2412 (2018), 

and/or the rules promulgated by the Commission in conformity 

therewith, Part 148 of the Regulations, 17 C.F.R. pt. 148 (2020), 

relating to, or arising from, this action;

b) Any and all claims that Montano may possess under the Small 

Business Regulatory Enforcement Fairness Act of 1996, Pub. L. No. 

104-121, tit. II, §§ 201–53, 110 Stat. 847, 857–74 (codified as amended at 

28 U.S.C. § 2412 and in scattered sections of 5 U.S.C. and 15 U.S.C.), 

relating to, or arising from, this action;

c) Any and all claims of Double Jeopardy based upon the institution of 

this action or the entry in this action of any order imposing a civil 

monetary penalty or any other relief, including this Consent Order; 

and

d) Any and all rights of appeal from this action;

8. Consents to the continued jurisdiction over Montano for the purpose 

of implementing and enforcing the terms and conditions of this Consent Order 

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and for any other purpose relevant to this action, even if Montano now or in the 

future resides outside the jurisdiction of this Court;

9. Agrees that Montano will not oppose enforcement of this Consent 

Order on the ground, if any exists, that it fails to comply with Rule 65(d) of the 

Federal Rules of Civil Procedure, and hereby waives any objection based thereon;

10. Agrees that neither Montano nor any agents or employees under 

Montano’s authority or control shall take any action or make any public statement 

denying, directly or indirectly, any allegation in the Complaint or the Findings of 

Fact or Conclusions of Law in this Consent Order, or creating or tending to create 

the impression that the Complaint and/or this Consent Order is without a factual 

basis; provided, however, that nothing in this provision shall affect Montano’s: (a) 

testimonial obligations; or (b) right to take legal positions in other proceedings to 

which the CFTC is not a party. Montano shall comply with this agreement, and 

shall undertake all steps necessary to ensure that all agents and/or employees 

under Montano’s authority or control understand and comply with this 

agreement;

11. Consents to the entry of this Consent Order without admitting or 

denying the allegations of the Complaint or any findings or conclusions in this 

Consent Order, except as to jurisdiction and venue, which Montano admits;

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12. Consents to the use of the findings and conclusions in this Consent 

Order in this proceeding and in any other proceeding brought by the CFTC or to 

which the CFTC is a party or claimant, and agrees that they shall be taken as true 

and correct and be given preclusive effect therein, without further proof;

13. Does not consent, however, to the use of this Consent Order, or the 

findings or conclusions herein, as the sole basis for any other proceeding brought 

by the CFTC or to which the CFTC is a party, other than a: statutory 

disqualification proceeding, proceeding in bankruptcy or receivership, or 

proceeding to enforce the terms of this Order;

14. Agrees to provide immediate notice to this Court and the CFTC by 

certified mail, in the manner required by Paragraph 45 of Part VI of this Consent 

Order, of any bankruptcy proceeding file by, on behalf of, or against Montano, 

whether inside or outside the United States; and

15. Agrees that no provision of this Consent Order shall in any way limit 

or impair the ability of any other person or entity to seek any legal or equitable 

remedy against Montano in any other proceeding.

III. FINDINGS OF FACT AND CONCLUSIONS OF LAW

The Court, being fully advised in the premises, finds that there is good 

cause for the entry of this Consent Order and that there is no just reason for delay. 

The Court therefore directs the entry of the following Finding of Facts, 

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Conclusions of Law, permanent injunction and equitable relief pursuant to Section 

6c of the Act, 7 U.S.C. § 13a-1 (2018), as set forth herein. The findings and 

conclusions in this Consent Order are not binding on any other party to this 

action.

THE COURT HEREBY FINDS:

A. Findings of Fact

16. Plaintiff Commodity Futures Trading Commission is an 

independent federal regulatory agency that is charged by Congress with 

administering and enforcing the Act and the Regulations.

17. Defendant Ronald Montano lives in St. Cloud, Florida. Montano has 

never been registered with the CFTC in any capacity.

18. Defendant Montano Enterprises, LLC is a New Jersey limited 

liability company with its principal place of business in Orlando, Florida. 

Defendant Ronald Montano was at all relevant times the Managing Member and 

sole employee of Montano enterprises, and directed, controlled, and/or had the 

authority to control the acts and practices of Montano Enterprises, LLC at all 

relevant times. Montano Enterprises, LLC has never been registered with the 

CFTC in any capacity.

B. Conclusions of Law, Jurisdiction, and Venue

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19. This Court has jurisdiction over this action pursuant to 28 U.S.C. § 

1331 (2018) (federal question jurisdiction) and 28 U.S.C. § 1345 (2018) (jurisdiction 

over civil actions commenced by the United States or any agency expressly 

authorized to sue by Act of Congress). Section 6c(a) of the Act, 7 U.S.C. § 13a-1(a) 

(2018), provides that the CFTC may bring actions for injunctive relief or to enforce 

compliance with the Act or any rule, regulation, or order thereunder in the proper 

district court of the United States whenever it shall appear to the CFTC that any 

person has engaged, is engaging, or is about to engage in any act or practice 

constituting a violation of any provision of the Act or any rule, regulation, or 

order thereunder.

20. Venue properly lies with this Court pursuant to 7 U.S.C. § 13a-1(e) 

because the acts and practices in violation of the Act occurred in this district.

Count I: Options Fraud

21. By the conduct described in this Consent Order and alleged in the 

Complaint, Montano intentionally or recklessly used fraudulent solicitations in 

emails, websites and fictitious video sales letters (“VSLs”) promising free access to 

purportedly successful automated trading systems (the “Trading Systems”) that 

traded on behalf of clients automatically in binary options involving commodity 

interests as defined in Regulation 1.3, 17 C.F.R. § 1.3 (2020), which encompasses 

binary options. Montano did so to induce prospective clients to open and fund 

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binary options trading accounts with a recommended broker (“Broker”) so that 

Montano could earn compensation, including commissions, in violation of Section 

4c(b) of the Act, 7 U.S.C. § 6c(b) (2018), and Regulation 32.4, 17 C.F.R. § 32.4 (2020).

Count II: Fraud While Acting as A Commodity Trading Advisor (“CTA”)

22. By the conduct described in this Consent Order and alleged in the 

Complaint, Montano acted as a commodity trading advisor (“CTA”) by 

disseminating for compensation, including commissions, numerous and varied 

marketing materials which advised prospective clients to open binary options 

accounts and use the Trading Systems that traded on behalf of clients 

automatically in binary options involving commodity interests as defined in 

Regulation 1.3, 17 C.F.R. § 1.3 (2020).

23. By the conduct described in this Consent Order and alleged in the 

Complaint, while acting as a CTA, Montano fraudulently solicited potential clients 

and created and/or disseminated fraudulent emails advising potential clients to 

access websites where they could open and fund new binary options trading 

accounts with a recommended Broker to access the Trading Systems. For each of 

the binary options campaigns for which Montano performed work, Montano 

repeatedly misrepresented, among other things: (i) hypothetical and fictitious 

trading results as real results; (ii) actors as true users of the Trading Systems; (iii) 

the fictitious experience, background, and skill of the “creators” of the Trading 

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Systems; (iv) fabricated testimonials; and/or (v) that the Trading Systems traded 

automatically, in violation of Section 4o(1) of the Act, 7 U.S.C. § 6(1) (2018).

Count III: Fraudulent Advertising

24. By the conduct described in the Consent Order and alleged in the 

Complaint, Montano, for compensation, including commissions, intentionally or 

recklessly created, caused to be created, and/or disseminated numerous and 

varied fraudulent solicitations in emails, websites, and fictitious VSLs, which 

advised clients and prospective clients to open binary options accounts and use 

the Trading Systems that traded on behalf of clients automatically in binary 

options involving commodity interests as defined in Regulation 1.3, 17 C.F.R. § 1.3 

(2020), which encompasses binary options, in violation of Regulation 4.41(a)(1)–(3) 

and b(1)–(2), 17 C.F.R. § 4.41(a)(1)–(3), (b)(1)–(2) (2020).

25. By the conduct described in the Consent Order and alleged in the 

Complaint, Montano, while acting as a CTA, intentionally or recklessly created, 

caused to be created, and/or disseminated solicitation materials, including emails, 

websites, and VSLS that misrepresented, among other things: (i) hypothetical and 

fictitious trading results as real results; (ii) actors as true users of the Trading 

Systems; (iii) the fictitious experience, background, and skill of the “creators” of 

the Trading Systems; and/or (iv) fabricated testimonials, in violation of 17 C.F.R. § 

4.41(a)(1)–(3).

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26. By the conduct described in the Consent Order and alleged in the 

Complaint, Montano created, caused to be created, and/or disseminated 

solicitation materials, including emails, websites, and VSLs referring to 

testimonials that did not prominently disclose for each testimonial that it may not 

represent the experience of other users of the Trading Systems, that the 

testimonial was not a guarantee of future performance, or that the testimonial was 

entirely fake and represented by paid actors or misappropriated images from the 

internet, in violation of 17 C.F.R. § 4.41(a)(3).

27. By the conduct described in the Consent Order and alleged in the 

Complaint, Montano created, caused to be created, and/or disseminated 

solicitation materials, including emails, websites, and VSLs referring to the 

performance of simulated or hypothetical commodity interest accounts that did 

not prominently disclose, in immediate proximity, the statements required by the 

Regulations or a registered futures association, in violation of 17 C.F.R. § 

4.41(b)(1)–(2).

Count IV: Deceptive Device, Scheme, or Artifice

28. By the conduct described in this Consent Order and alleged in the 

Complaint, Montano participated in marketing campaigns that touted free access 

to Trading Systems that traded on behalf of clients automatically in binary options 

involving swaps, as defined by Section 1a(47) of the Act, 7 U.S.C. § 1a(47). 

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Montano intentionally or recklessly used fraudulent solicitations in emails, 

websites, and fictitious VSLs promising free access to those Trading Systems to 

induce members of the public to go to websites where they could open and fund 

new binary options trading accounts with a recommended Broker to access the 

advertised Trading Systems. Montano earned compensation, including 

commissions, for this work in connection with the fraudulent marketing 

campaigns described in this Consent Order and alleged in the Complaint.

29. By the conduct described in the Consent Order and alleged in the 

Complaint, Montano intentionally or recklessly disseminated fraudulent 

solicitations, in violation of Section 6(c)(1) of the Act, 7 U.S.C. § 9(1) (2018), and 

Regulation 180.1(a)(1)–(3), 17 C.F.R. § 180.1(a)(1)–(3) (2020).

IV. PERMANENT INJUNCTION 

IT IS HEREBY ORDERED THAT:

30. Based upon and in connection with the foregoing conduct, pursuant 

to Section 6c of the Act, 7 U.S.C. § 13a-1 (2018), Montano is permanently 

restrained, enjoined, and prohibited from directly or indirectly:

a) Offering to enter into, entering into, confirming the execution of, 

maintaining positions in, or otherwise conducting activities relating 

to binary options;

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b) Acting as an affiliate marketer in any capacity that involves binary 

options or any “commodity interest” (as that term is defined in 

Regulation 1.3, 17 C.F.R. § 1.3 (2020), which encompasses binary 

options);

c) Offering autotrading systems or services that purport to trade any 

commodity interest;

d) (1) Cheating or defrauding, or attempting to cheat or defraud, any 

other person; (2) making or causing to be made false reports or 

statements to any person; and/or (3) deceiving or attempting to 

deceive any person in, or in connection with, an offer to enter into, the 

entry into, or the confirmation of the execution of, any commodity 

option transaction in interstate commerce that is a commodity option 

transaction, by using fraudulent solicitations in emails, websites, 

and/or fictitious VSLs that promise free access to automated trading 

systems to induce clients and/or prospective clients to open and fund 

binary options trading accounts, in violation of Section 4c(b) of the 

Act, 7 U.S.C. § 6c(b) (2018), and Regulation 32.4, 17 C.F.R. § 32.4 

(2020);

e) While acting as a CTA, using the instrumentalities of interstate 

commerce to: (1) employ any device, scheme, or artifice to defraud 

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clients or prospective clients; and/or (2) engage in any transaction, 

practice, or course of business which operates as a fraud or deceit 

upon clients or prospective clients, by fraudulently soliciting 

members of the public and creating and/or disseminating fraudulent 

websites and emails to induce members of the public to go through 

their website and open and fund binary options trading accounts to 

access an advertised trading system, in violation of Section 4o(1) of 

the Act, 7 U.S.C. § 6o(1) (2018);

f) While acting as a CTA, soliciting in a manner that: (1) employs any 

device, scheme or artifice to defraud any client or prospective client; 

(2) involves any transaction, practice or course of business which 

operates as a fraud or deceit upon any client or prospective client; or 

(3) refers to any testimonial in an advertisement or sales literature 

that fails to prominently discloses that the testimonial: (i) may not 

represent the experience of other users of the marketed trading 

system; (ii) is no guarantee of future performance; and/or (iii) uses 

paid actors or misappropriated images from the internet, in violation 

of Regulation 4.41(a)(1)–(3), 17 C.F.R. § 4.41(a)(1)–(3) (2020);

g) While acting as a CTA: creating, causing to be created, or 

disseminating promotional materials including emails, websites, and 

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sales videos depicting fabricated performance results of binary 

options transactions in, among other instruments, commodity 

interests, without displaying the required disclosures in immediate 

proximity to those statements, in violation of Regulation 4.41(b)(1)–

(2), 17 C.F.R. § 4.41(b)(1)–(2) (2020); and/or

h) (1) Using or employing, or attempting to use or employ, manipulative 

devices, schemes, or artifices to defraud; (2) making, or attempting to 

make, untrue or misleading statements of a material fact; (3) omitting 

to state material facts necessary in order to make statements made not 

untrue or misleading; and/or (4) engaging, or attempting to engage, 

in acts, practices, or courses of business, which would operate or 

would operate as a fraud or deceit upon any person in connection 

with swap transactions or transactions in contracts of sale of any 

commodity interest in interstate commerce, by using fraudulent 

solicitations in emails, websites, and/or fictitious VSLs that promise 

free access to trading systems to induce clients and/or prospective 

clients to open and fund a binary options trading account to earn 

revenue, in violation of Section 6(c)(1) of the Act, 7 U.S. C. § 9(1) 

(2018), and Regulation 180.1(a), 17 C.F.R. § 180.1(a) (2020).

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31. Montano is also permanently restrained, enjoined, and prohibited 

from directly or indirectly:

a) Trading on or subject to the rules of any registered entity (as that term 

is defined in Section 1a(40) of the Act, 7 U.S.C. § 1a(40) (2018));

b) Entering into any transactions involving “commodity interests” (as 

that term is defined in 17 C.F.R. § 1.3), for Montano’s own personal 

account or for any account in which Montano has a direct or indirect 

interest;

c) Having any commodity interests traded on Montano’s behalf;

d) 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;

e) Soliciting, receiving, or accepting any funds from any person for the 

purpose of purchasing or selling any commodity interests;

f) Applying for registration or claiming exemption from registration 

with the Commission in any capacity, and/or engaging in any 

activity requiring such registration or exemption from registration 

with the CFTC, except as provided for in Regulation 4.14(a)(9), 17 

C.F.R. § 4.14(a)(9) (2020); and/or

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g) Acting as a principal (as that term is defined in Regulation 3.1(a), 17 

C.F.R. § 3.1(a) (2020)), agent, or any other officer or employee of any 

person (as that term is defined in Section 1a(38) of the Act, 7 U.S.C. § 

1a(38) (2018)) registered, exempted from registration, or required to 

be registered with the CFTC, except as provided for in 17 C.F.R. § 

4.14(a)(9).

V. STATUTORY AND EQUITABLE RELIEF

A. Restitution

32. Montano shall pay restitution in the amount of eight hundred twentyfive thousand dollars ($825,000) (“Restitution Obligation”) in connection with 

these violations. If the Restitution Obligation is not paid immediately in full, 

then post-judgment interest shall accrue on the unpaid portion of the Restitution 

Obligation beginning on the date of entry of this Consent Order and shall be 

determined by using the Treasury Bill rate prevailing on the date of entry of this 

Consent Order pursuant to 28 U.S.C. § 1961.

33. However, the Securities and Exchange Commission (“SEC”) is 

seeking restitution and disgorgement for the same conduct at issue in this case. See 

SEC v. Montano, 18-cv-1606-GAP (M.D. Fla., filed Sept. 27, 2018) (“SEC Action”). 

Consequently, any restitution or disgorgement payable to customers that 

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Montano pays to the SEC in the SEC Action shall receive a dollar-for-dollar credit 

against the Restitution Obligation.

34. To effect payment by Montano and distribution to clients, the Court 

appoints the National Futures Association (“NFA”) as Monitor (“Monitor”). The 

Monitor shall receive payments of the Restitution Obligation from Montano and 

make distributions as set forth below. Because the Monitor is not being specially 

compensated for these services, and these services are outside the normal duties of 

the Monitor, it shall not be liable for any action or inaction arising from its 

appointment as Monitor other than actions involving fraud.

35. Montano shall make Restitution Obligation payments, including any 

post-judgement interest payments, under this Consent Order in the name of the 

“BO Fraud Settlement Fund” and shall send such payments by electronic funds 

transfer, U.S. postal money order, certified check, bank cashier’s check, or bank 

money order to the Office of Administration, National Futures Association, 300 

South Riverside Plaza, Suite 1800, Chicago, Illinois 60606, under a cover letter that 

identifies Montano and the name and docket number of this proceeding. Montano 

shall also provide the Monitor at the same address with proof of any payments 

made in satisfaction of restitution ordered in the SEC Action by sending a cover 

letter with the name and docket number of this proceeding, and a copy of the 

form of payment. Montano shall simultaneously transmit copies of the cover letter 

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and the form of payment to: (i) the Chief Financial Officer, Commodity Futures 

Trading Commission, Three Lafayette Center, 1155 21st Street NW, Washington, 

D.C. 20581; and (ii) Regional Counsel, Division of Enforcement, Commodity 

Futures Trading Commission, 525 West Monroe, Suite 1100, Chicago, Illinois 

60661.

36. The Monitor shall oversee Montano’s Restitution Obligation and shall 

have the discretion to determine the manner of distribution of funds in an 

equitable fashion to victims of the fraud or may defer distribution until such time 

as the Monitor may deem appropriate. In the event that the amount of payments 

of the Restitution Obligation to the Monitor are of a de minimis nature such that 

the Monitor determines that the administrative cost of making a restitution 

distribution is impractical, the Monitor may, in its discretion, treat such restitution 

payments as civil monetary penalty payments, which the Monitor shall forward to 

the CFTC in the manner discussed in the Civil Monetary Penalty section below.

37. Montano shall cooperate with the Monitor as appropriate to provide 

such information as the Monitor deems necessary and appropriate to identify 

Montano’s clients whom the Monitor, in its sole discretion, may determine to 

include in any plan for distribution of any Restitution Obligation payments. 

Montano shall execute any documents necessary to release funds that Montano 

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has in any repository, bank, investment, or other financial institution, wherever 

located, to make partial or total payment toward the Restitution Obligation.

38. The amounts payable to each client shall not limit the ability of any 

client from proving that a greater amount is owed from Montano or any other 

person or entity, and nothing herein shall be construed in any way to limit or 

abridge the rights of any client that exist under state or common law.

39. Pursuant to Rule 71 of the Federal Rules of Civil Procedure, each 

client of Montano who suffered a loss is explicitly made an intended third-party 

beneficiary of this Consent Order and may seek to enforce obedience of this 

Consent Order to obtain satisfaction of any portion of the restitution that has not 

been paid by Montano to ensure continued compliance with any provision of this 

Consent Order and to hold Montano in contempt for any violations of any 

provision of this Consent Order.

40. To the extent that any funds accrue to the United States Treasury for 

satisfaction of Montano’s Restitution Obligation, such funds shall be transferred to 

the Monitor for disbursement in accordance with the procedures set forth above.

B. Civil Monetary Penalty

41. Montano shall pay a civil monetary penalty in the amount of one 

million, six hundred seventy-five thousand dollars ($1,675,000) (“CMP 

Obligation”). If the CMP Obligation is not paid immediately, then post-judgment 

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interest shall accrue on the CMP Obligation on the date of entry of this Consent 

Order and shall be determined by using the Treasury Bill rate prevailing on the 

date of entry of this Consent Order pursuant to 28 U.S.C. § 1961.

42. Montano shall pay this CMP Obligation 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:

CFTC

C/O ESC/AMK-326; RM 265

6500 S. MacArthur Blvd. 

Oklahoma City, OK 73169

(405) 954-6569 office 

(405) 954-1620 fax

9-AMC-AR-CFTC@faa.gov

If payment by electronic funds transfer is chosen, Montano shall contact Marie 

Thorne or her successor at the address above to receive payment instructions and 

shall fully comply with those instructions. Montano shall accompany payment of 

the CMP Obligation with a cover letter that identifies Montano and the name and 

docket number of this proceeding. Montano shall simultaneously transmit copies 

of the cover letter and the form of payment to: (i) the Chief Financial Officer, 

Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st 

Street, NW, Washington, D.C. 20581; and (ii) Regional Counsel, Division of 

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Enforcement, Commodity Futures Trading Commission, 525 West Monroe, Suite 

1100, Chicago, Illinois 60661.

C. Provisions Related to Monetary Sanctions

43. Partial Satisfaction: Acceptance by the CFTC, the SEC or the Monitor 

of any partial payment of Montano’s Restitution Obligation or CMP Obligation 

shall not be deemed to be a waiver of Montano’s obligation to make further 

payments pursuant to this Consent Order, or a waiver of the CFTC’s right to seek 

to compel payment of any remaining balance.

D. Cooperation

44. Subject to any applicable privilege, Montano shall cooperate fully and 

expeditiously with the CFTC, including the CFTC’s Division of Enforcement, in 

this action and in any current or future Commission investigation or related to the 

subject matter of this action. As part of such cooperation, subject to any applicable 

privilege, Montano shall comply, to the full of extent of Montano’s abilities, 

promptly and truthfully with any inquiries or requests for information or 

testimony, including, but not limited to, requests for production of documents and 

authentication of documents; and shall provide assistance at any trial, proceeding, 

or investigation related to the subject matter of this action, including, but not 

limited to, requests for testimony, accepting subpoenas, participating in 

depositions, testimony, and/or interviews. Should the CFTC file any additional 

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actions related to the subject matter of this action, then, upon request, Montano 

shall appear in the judicial district in which such actions are pending, or in a 

suitable judicial district agreed to by the parties, to provide deposition testimony 

and trial testimony, subject to any applicable privilege. The CFTC will cover costs 

incurred as a result of any of its requests that require Montano to travel.

VI. MISCELLANEOUS PROVISIONS

45. Notice: All notices required to be given by any provision in this 

Consent Order shall be sent certified mail, return receipt requested, as follows: 

Notice to the CFTC:

Robert T. Howell

Deputy Director, Division of Enforcement 

Commodity Futures Trading Commission 

525 W. Monroe Street, Suite 1100

Chicago, IL 60661 

Notice to Montano:

Ronald Montano

c/o Waugh Grant PLLC

201 E. Pine Street, Suite 315

Orlando, FL 32801

46. Change of Address/Phone: Until such time as Montano satisfies in 

full the Restitution Obligation and CMP Obligation as set forth in this Consent 

Order, Montano shall provide written notice to the CFTC by certified mail of any 

change to Montano’s telephone number(s) and mailing address(es), within ten 

calendar days of the change.

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47. Entire Agreement and Amendments: This Consent Order 

incorporates all of the terms and conditions of the settlement between the parties 

hereto to date. Nothing shall serve to amend or modify this Consent Order in any 

respect whatsoever, unless: (a) reduced to writing; (b) signed by all parties hereto; 

and (c) approved by order of this Court.

48. Invalidation: If any provision of this Consent Order or if the 

application of any provision or circumstance is held invalid, then the remainder of 

this Consent Order and the application of the provision to any other person or 

circumstance shall not be affected by the holding.

49. Waiver: The failure of any party to this Consent Order at any time to 

require performance of any provision of this Consent Order shall in no manner 

affect the right of the party or participant at a later time to enforce the same or any 

other provision of this Consent Order. No waiver in one or more instances of the 

breach of any provision contained in this Consent Order shall be deemed to be or 

construed as a further or continuing waiver of such breach or waiver of the breach 

of any other provision of this Consent Order.

50. Continuing Jurisdiction of this Court: This Court shall retain 

jurisdiction over this action to ensure compliance with this Consent Order and for 

all other purposes related to this action, including any motion by Montano to 

modify or for relief from the terms of this Consent Order.

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51. Injunctive and Equitable Relief Provisions: The injunctive and 

equitable relief provisions of this Consent Order shall be binding upon Montano, 

upon any person under Montano’s authority or control, and upon any person who 

receives actual notice of this Consent Order, by personal service, email, facsimile 

or otherwise insofar as he or she is acting in active concert or participation with 

Montano.

52. Counterparts and Facsimile Execution: This Consent Order may be 

executed in two or more counterparts, all of which shall be considered one and the 

same agreement and shall become effective when one or more counterparts have 

been signed by each of the parties hereto and delivered (by facsimile, email, or 

otherwise) to the other party, it being understood that all parties need not sign the 

same counterpart. Any counterpart or other signature to this Consent Order that is 

delivered by any means shall be deemed for all purposes as constituting good and 

valid execution and delivery by such party of this Consent Order.

53. Contempt: Montano understands that the terms of the Consent Order 

are enforceable through contempt proceedings, and that, in any such proceedings, 

Montano may not challenge the validity of this Consent Order.

54. Agreements and Undertakings: Montano shall comply with all of the 

undertakings and agreements set forth in this Consent Order.

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There being no just reason for delay, the Clerk of the Court is hereby 

ordered to enter this Consent Order for Permanent Injunction and Other Statutory 

and Equitable Relief Against Defendants Ronald Montano and Montano 

Enterprises, LLC forthwith and without further notice.

DONE and ORDERED in Chambers, Orlando, Florida on September 14, 

2021.

Copies furnished to:

Counsel of Record

Unrepresented Party

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