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UNITED STATES DISTRICT COURT 

DISTRICT OF NEW JERSEY 

COMMODITY FUTURES TRADING 

COMMISSION, 

Plaintiff 

v. 

TRADEWALE LLC, et al., 

Defendants. 

Civil Action No. 21-17776 (ZNQ) (DEA) 

ORDER 

THIS MATTER comes before the Court upon an unopposed Motion for Default Judgment 

(the "Motion," ECF No. 23) filed by Plaintiff Commodity Futures Trading Commission ("CFTC") 

against Defendant Valdas Dapkus ("Dapkus"). For the reasons set forth in the accompanying 

Opinion filed herewith: 

IT IS on this 28th day of November 2023, 

ORDERED that the Motion for Default Judgment (ECF No. 23) is hereby GRANTED IN 

PART and DENIED IN PART; and it is further 

ORDERED that default judgment is hereby entered in favor of CFTC and against 

Defendant Dapkus as to Counts I and II of the Complaint; and it is further 

ORDERED that Dapkus is permanently restrained, enjoined, and prohibited from directly 

or indirectly: 

(a) Engaging in conduct that violates Sections 4b(a)(2)(A)-(C), 7 U.S.C. § 6b(a)(2)(A)-

(C); and Regulation 5.2(b), 17 C.F.R. § 5.2(b); 

(b) trading on or subject to the rules of any registered entity (as that term is defined in 

Section la(40) of the Act, 7 U.S.C. § la(40) (2012)); 
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(c) entering into any transaction involving "commodity interests" (as that term is defined 

in Regulation 1.3(yy), 17 C.F.R. § l.3(yy) (2014)) for his own personal account or for 

any account in which he has a direct or indirect interest; 

( d) having any commodity interests traded on his behalf; 

(e) controlling or directing trading for or on behalf of any other person or entity, whether 

by power of attorney or otherwise, in any account involving commodity interests; 

(f) soliciting, receiving, or accepting any funds from any person for the purpose of 

purchasing or selling any commodity interests; 

(g) applying for registration or claiming exemption from registration with the Commission 

in any capacity, and engaging in any activity requiring 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) (2016); 

(h) acting as a principal (as that term is defined in Regulation 3.l(a), 17 C.F.R. § 3.l(a) 

(2016)), 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), 17 C.F.R. § 4.14(a)(9) (2016); 

(i) Engaging in any business activities related to commodity interests; and it is further 

ORDERED that, pursuant to Section 6c(d)(3)(A) of the Act, 7 U.S.C. §13a-l(d)(3)(A) 

(2018), Dapkus is liable, on a joint and several basis with Tradewale LLC and Tradewale Managed 

Fund (collectively, "Tradewale"), for the restitution this Court previously ordered Tradewale to 

pay-$713,520.000 minus post-judgment interest thereon (hereinafter the "Joint Restitution 

Obligation," see ECF Nos. 21, 22); and it is further 

ORDERED that post-judgment interest shall accrue beginning on the date of entry of this 

Order and shall be determined pursuant to 28 U.S.C. § 1961 (2012); and it is further 

ORDERED that the National Futures Association ("NFA"), previously appointed by this 

Court as monitor ("Monitor") to distribute payments made against Tradewale's restitution 

obligation as ordered at ECF Nos. 21 and 22, shall continue distributing payments as Monitor that 

are made against the Joint Restitution Obligation; and it is further 

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ORDERED that because the Monitor is acting as an officer of this Court in performing 

these services, the NF A shall not be liable for any action or inaction arising from its appointment 

as Monitor, other than actions involving fraud; and it is further 

ORDERED that the Monitor shall collect payments from Dapkus,1 and shall make 

distributions as follows: 

I. Dapkus shall make Joint Restitution Obligation payments under this Order to 

the Monitor in the name "Valdas Dapkus - Restitution Fund" and shall send 

such Joint Restitution Obligation payments by electronic funds transfer, or by 

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, accompanied by a cover 

letter identifying Dapkus as payor and the name and docket number of this 

proceeding. Dapkus 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, N.W., 

Washington, D.C. 20581. 

2. The Monitor shall oversee the Joint Restitution Obligation and shall have the 

discretion to determine the manner of distribution of such funds in an equitable 

fashion to Tradewale's Customers identified by the CFTC, or may defer 

distribution until such time as the Monitor deems appropriate. In the event that 

the amount of Joint Restitution Obligation payments to the Monitor are of a de 

minimis nahll'e such that the Monitor determines that the administrative cost of 

making a distribution to eligible pool participants is impractical, the Monitor 

may, in its discretion, treat such restih1tion payments as civil monetary penalty 

payments, which the Monitor shall forward to the CFTC pursuant to the 

instructions for civil monetmy penalty payments set forth below. 

3. Dapkus shall cooperate with the Monitor as appropriate to provide such 

information as the Monitor deems necessmy and appropriate to identify 

Tradewale' s Customers to whom the Monitor, in its sole discretion, may 

determine to include in any plan for distribution of any Joint Restih1tion 

Obligation payments. Dapkus shall execute any documents necessary to release 

funds that they hold in any reposito1y, bank, investment, or other financial 

instih1tion, wherever located, in order to make partial or total payment toward 

the Joint Restitution Obligation. 

4. The Monitor shall provide the Commission at the beginning of each calendar 

year with a report detailing the disbursement of funds to Tradewale's Customers 

during the previous year. The Monitor shall transmit this report under a cover 

1 This Order does not affect Tradewale's continued obligation to make payments against the Joint Restitution 

Obligation, or NF A's continued obligation to monitor such payments made by Tradewale. (ECF Nos. 21, 22.) 

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letter that identifies the name and docket number of this proceeding to the Chief 

Financial Officer, Commodity Futures Trading Commission, Three Lafayette 

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

5. The amounts payable to each customer shall not limit the ability of any pool 

participant to prove that a greater amount is owed from Dapkus or any other 

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

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

6. Pursuant to Fed R. Civ. P. 71, each customer who suffered a loss is explicitly 

made an intended third-party beneficiaty of this Order and may seek to enforce 

obedience of this Order to obtain satisfaction of any portion of the restitution 

that has not been paid by Dapkus to ensure continued compliance with any 

provision of this Order and to hold Dapkus in contempt for any violations of 

any provision of this Order. 

7. To the extent that any funds accrue to the U.S. Treasmy for satisfaction of the 

Joint Restitution Obligation, such funds shall be transferred to the Monitor for 

disbursement in accordance with the procedures set forth above; and it is further 

ORDERED that, pursuant to Section 6c(d)(l)(A) of the Act, 7 U.S.C. § 13a-l(d)(l)(A) 

(2018), Dapkus is to pay, on a joint and several basis with Tradewale, the civil monetmy penalty 

this Court previously ordered Tradewale to pay-$2, 140,560.00 minus post-judgment interest 

thereon (hereinafter the "Joint CMP Obligation"); and it is further 

ORDERED that the Joint CMP Obligation shall be paid 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 Fuh1res Trading Commission and sent to the address below: 

MMAC/ESC/AMK.326 

Commodity Futures Trading Commission 

Division of Enforcement 

6500 S. MacArthur Blvd. 

HQ Room 181 

Oklahoma City, OK 73169 

( 405) 954-6569 office 

(405) 954-1620 fax 

9-AMC-AR-CFTC@faa.gov 

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If payment by electronic funds transfer is chosen, then Dapkus shall contact Marie Thorne or her 

successor at the address above to receive payment instructions and shall fully comply with those 

instructions. Dapkus shall accompany payment of the Joint CMP Obligation with a cover letter 

identifying himself and the name and docket number of this proceeding. Dapkus shall 

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

Officer, Co1runodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street, 

N.W., Washington, DC 20581; and it is further 

ORDERED that acceptance by the Commission or the Monitor of any partial payment of 

Dapkus's Joint Restitution Obligation or Joint CMP Obligation shall not be deemed a waiver of 

his obligation to make further payments pursuant to this Order, or a waiver of the Commission's 

right to seek to compel payment of any remaining balance; and it is further 

ORDERED that the injunctive and equitable relief provisions of this Order shall be 

binding upon Dapkus, upon any person under the authority or control of any Defaulted Defendant, 

and upon any person who receives actual notice of this Order, by personal service, email, facsimile 

or otherwise insofar as he or she is acting in active concert or participation with Dapkus; and it is 

further 

ORDERED that all notices required to be given by any provision in this Order shall be 

sent certified mail, return receipt requested, as follows: 

Notice to Commission: 

Mana! M. Sultan 

Deputy Director 

Division of Enforcement 

Commodity Futures Trading Commission 

290 Broadway, 6th Floor 

New York, NY 10007 

Notice to Monitor: 

Daniel Driscoll 

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Executive Vice President, COO 

National Fuh1res Association 

300 South Riverside Plaza, Suite 1800 

Chicago, Illinois 60606-3447 

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

of this action; and it is further 

ORDERED that the Clerk is instructed to mark this matter CLOSED. 

Date: November 28, 2023 

ITED STATES DISTRICT JUDGE 

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