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UNITED STATES OF AMERICA 

Before The 

COMMODITY FUTURES TRADING COMMISSION 

_____________________________________

) 

In the Matter of: ) 

 ) 

Peter L. Bryant and Bryant Capital ) CFTC Docket No. 23-38

Trade Management Corporation, ) 

 ) 

Respondents. ) 

_____________________________________) 

ORDER INSTITUTING PROCEEDINGS PURSUANT TO 

SECTION 6(c) AND (d) OF THE COMMODITY EXCHANGE ACT, 

MAKING FINDINGS, AND IMPOSING REMEDIAL SANCTIONS 

I. INTRODUCTION

The Commodity Futures Trading Commission (“Commission”) has reason to believe that 

beginning no later than February 2014 and continuing through at least December 2022 (the 

“Relevant Period”), Respondents Peter L. Bryant (“Bryant”) and Bryant Capital Trade 

Management Corporation (“Bryant Capital”) violated Sections 4o(1)(A) and (B) and 4m(1) of the 

Act, 7 U.S.C. §§ 6o(1)(A), (B), 6m(1), and Commission Regulations (“Regulations”) 4.41(a)(1)-

(2) and (c), 17 C.F.R. §§ 4.41(a)(1)-(2), (c) (2022). Therefore, the Commission deems it

appropriate and in the public interest that public administrative proceedings be, and hereby are,

instituted to determine whether any order should be issued imposing remedial sanctions.

In anticipation of the institution of an administrative proceeding, Bryant and Bryant 

Capital, through Bryant, (collectively, “Respondents”) have submitted an Offer of Settlement 

(“Offer”), which the Commission has determined to accept. Respondents consent to the entry of 

this Order Instituting Proceedings Pursuant to Section 6(c) and (d) of the Commodity Exchange 

Act, Making Findings, and Imposing Remedial Sanctions (“Order”) and acknowledge service of 

this Order.1

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 Respondents consent to the use of the findings of fact and conclusions of law in this Order in this proceeding and in 

any other proceeding brought by the Commission or to which the Commission is a party or claimant, and agree that it 

shall be taken as true and correct and be given preclusive effect therein, without further proof. Respondents do not 

consent, however, to the use of this Order, or the findings or conclusions herein, as the sole basis for any other 

proceeding brought by the Commission or to which the Commission is a party or claimant, other than: a proceeding 

in bankruptcy or receivership; or a proceeding to enforce the terms of this Order. Respondents do not consent to the 

use of the Offer or this Order, or the findings or conclusions in this Order, by any other party in any other proceeding. 
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II. FINDINGS 

The Commission finds the following: 

A. Summary

During the Relevant Period, Respondents, while acting as unregistered Commodity 

Trading Advisors (“CTA”s), engaged in CTA fraud, including through direct solicitations, 

electronic communications, newsletters, and operation of the www.bryantcapitaltrade.com 

website. Such solicitations offered advice regarding the value and advisability of trading in 

commodity options, futures, and/or swaps in energy markets and promoted Respondents’ paid 

trading advisory services. 

Respondents violated Section 4o(1)(A) and (B) of the Act, 7 U.S.C. § 6o(1)(A), (B), and 

Regulation 4.41(a)(1)-(2) and (c), 17 C.F.R. §§ 4.41(a)(1)-(2), (c) (2022), by committing CTA 

fraud; and Section 4m(l) of the Act, 7 U.S.C. § 6m(l), by failing to register as CTAs. 

B. Respondents 

Peter L. Bryant is a resident of Texas. During the Relevant Period, Bryant was the sole 

Director, owner, and employee of Bryant Capital Trade Management Corporation. Bryant 

operated the www.bryantcapitaltrade.com website and also carried out direct solicitations through 

various channels. Bryant was previously registered with the Commission, including during 

various periods as a CTA, Introducing Broker, and Associated Person, and was listed with NFA 

as a Principal, until approximately 1989. In 1989, Bryant was the subject of a disciplinary action 

that resulted in a 1-year registration ban. Bryant has not been registered with the Commission in 

any capacity since 1989. 

Bryant Capital Trade Management Corporation has been a registered Texas 

corporation since February 18, 2014, with a principal place of business in Katy, Texas. Bryant 

Capital’s website was, until approximately December 2022, located at the URL 

www.bryantcapitaltrade.com. Bryant Capital has never been registered with the Commission in 

any capacity.

C. Facts 

Beginning no later than February 2014, Respondents Bryant and Bryant Capital began 

offering commodity trading advisor services in energy commodity markets, including both through 

direct solicitations of potential clients who may have a need to hedge their physical energy 

positions through the energy derivatives markets and to the general public through the website 

www.bryantcapitaltrade.com. As described on that website, “Bryant Capital Trade Management 

maximizes the financial performance of our clients with independent, expert, custom advice on 

hedging, risk management and trade strategies. We reduce our clients’ exposure to volatile energy 

prices by helping them to make decisions that build assets and avoid risk.” 
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The website promoted a number of offerings, including Respondents’ “knowledge 

services,” which charged $500 per month for “real-time monthly commentary and instant market 

updates,” offering “real-time, act now content”; $2,500 per month for “daily commentary” that is 

“designed for the hedger and speculator looking for ‘live’ entry and exit points”; and $10,000 per 

month for “client specific hedge commentary”—a service that is “customized to the individual 

client and delivers specific recommendations based on the client’s price objectives.” 

The website also promoted Respondents’ individualized “Trade Services” which purported 

to, for example, provide clients with “option risk structures and information to support . . . option 

strategy information (including trade management recommendations” and “provide insight into 

the use of ‘properly designed’ exchange-cleared option structures will [sic.] enhance profitability, 

provide a high degree of flexibility and address budget issues versus swaps or futures.” 

Respondents’ website also falsely touted that their “clients include Fortune 100 companies.” 

According to the website, Respondents “transact[ed] in the OTC [over-the-counter] 

marketplace using ClearPort & ICE Platforms,” had “access to CME/NYMEX, CME Hedge 

Products, Dubai Mercantile and ICE Exchange,” and could “manage counterparty relationships 

through FCM accounts,” to offer “customized hedge strategies.” Such representations regarding 

Respondents’ services and capabilities were false and/or misleading. For example, Respondents 

did not have any FCM accounts or trading accounts on the aforementioned exchanges during the 

Relevant period, notwithstanding the fact that their website also offered that clients could “use [a] 

BCT sub-account to execute transactions” on these exchanges. 

Respondents also represented on the website that their business was operating as an 

“exempt swap intermediary,” citing “CFTC Reg. 4.5, 4.13(a)(3).” Those representations were 

reiterated in personalized solicitations. For example, in one-on-one chat communications with a 

business contact and potential client referral source, Bryant represented that he was “getting a letter 

from the CFTC to support this” purportedly applicable exemption and that he was “securing an 

exempt opinion from a quality law firm.” Later, Bryant circled back to this same individual to 

say: 

Update: I qualify as an exempt swap dealer. The CFTC and NFA [National Futures 

Association] do not issue ‘exempt’ certifications. However, the CFTC has 

informed me other exempt swap dealers secure a legal opinion and submit that 

document to their counterparties during the KYC [Know Your Customer] process. 

I am following the CFTC direction and securing my opinion from a 'white-shoe' 

legal firm in our industry. 

All of the foregoing representations were false and/or misleading and were made in furtherance of 

soliciting client business. The CFTC did not provide such “direction” to Bryant, nor did he at any 

time seek or obtain any legal opinion regarding the applicability of any CFTC requirements or 

exemptions to Respondents’ business. 

Respondents solicited potential clients through a variety of methods, including the 

aforementioned website, emails, newsletters, PowerPoint slides, electronic chat messages, phone 

calls, and in-person solicitations, all soliciting commodity trading advisor services advising on 

hedging strategies for the purchase or sale of options, futures, other derivative and margin products 
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in the energy markets. Respondents’ periodical “commentary” newsletters were disseminated to 

a listserv of somewhere between 50 to 1,000 individuals via email. These newsletters contained 

various misrepresentations regarding Respondents’ business and performance. For example, in at 

least one iteration of this solicitation, Respondents indicated that “In 2021 we performed 47 

proprietary - detailed analyses and made countless recommendations.” The solicitation went on 

to note that “in 44 of the analysis [sic.], we identified performance markers resulting in a 27%-

39% reduction in 2021 energy costs (the proper term here is “avoidance of increased costs”) in 

addition to showing a minimum 5% immediate reduction in current energy costs within the first 

90 days of engagement.” These representations regarding the number of clients served and the 

resulting performance metrics were entirely fabricated. The solicitation concludes that “[i]t is my 

hope by disclosing our 2022 position, we can convert many from collecting and reading our 

information; to acting on our knowledge and engaging Bryant Capital Trade to design and execute 

an appropriate hedge strategy for their firm or organization.” 

Respondents’ foregoing and similar misrepresentations regarding their business and 

services resulted in at least $55,655.90 in client losses. As of December 2022, Respondents have 

ceased all business operations related to commodity trading advising. 

III. LEGAL DISCUSSION 

A. Respondents violated Section 4o(1)(A) and (B) of the Act, 7 U.S.C. § 6o(1)(A), (B), 

and Regulations 4.41(a)(1)-(2), and 4.41(c), 17 C.F.R. §§ 4.41(a)(1)-(2), 4.41(c) by 

Committing CTA Fraud. 

Section 4o(1) of the Act, 7 U.S.C. § 6o(1), makes it unlawful for a CTA using the 

instrumentalities of interstate commerce, directly or indirectly: 

(A) To employ any device, scheme, or artifice to defraud any client or participant 

or prospective client or participant; or 

(B) To engage in any transaction, practice or course of business which operates as 

a fraud or deceit upon any client or participant or prospective client or participant. 

Section 1a(12) of the Act, 7 U.S.C. § 1a(12), defines CTA as any person who, for 

compensation or profit, engages in the business of advising others, either directly or through 

publications, writings, or electronic media, as to the value of or the advisability of trading in any 

swap or commodity option. See, e.g., CFTC v. Wall St. Underground, Inc., 281 F. Supp. 2d 1260, 

1269 (D. Kan. 2003) (entering preliminary injunction on CTA fraud claims, finding that 

defendants “acted as CTAs in that the trading systems they author and sell provide specific 

recommendations for clients and prospective clients to use to trade commodity futures and 

commodity options”), aff’d, 128 F. App’x 726 (10th Cir. 2005); CFTC v. Montano, No. 6:18-cv1607-Orl-31GJK, 2020 WL 5793633 at *8 (M.D. Fla. Sept. 29, 2020) (holding on summary 

judgment that defendant acted as a CTA when he, inter alia, “created and disseminated campaign 

solicitations that advised prospective customers to trade” commodity products). 

Section 4o(1) of the Act “broadly prohibits fraudulent conduct” and applies to persons who 

act as CTAs regardless of whether or not they register with the Commission. See, e.g., Wall St. 

Underground, Inc., 281 F. Supp. 2d at 1269-70; R&W Tech. Servs. Ltd. v. CFTC, 205 F.3d 165, 
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170 (5th Cir. 2000) (prohibiting fraud by an unregistered CTA); CFTC v. Mayer, No. 1:20-cv02476-JPB, 2021 WL 9385440 at *7 (N.D. Ga July 27, 2021) (holding that unregistered CTA 

violated Section 4o(1)) (default judgment); CFTC v. Long Leaf Trading Group, Inc., No. 20 C 

03758, 2022 WL 2967452 (N.D. Ill. July 27, 2022) (granting CFTC’s motion for partial summary 

judgment and holding that an unregistered CTA violated Section 4o(1), noting that “Courts appear 

to routinely apply the CTA definition to entities that only provide recommendations to clients”). 

This broad applicability is made express in various regulations. See Regulation 4.15, 17 C.F.R. 

§ 4.15 (2022) (“The provisions of section 4o of the Act shall apply to any person even though such 

person is exempt from registration under this part 4, and it shall continue to be unlawful for any 

such person to violate section 4o of the Act.”); Regulation 4.41(c)(2), 17 C.F.R. § 4.41(c)(2) 

(2022) (“The provisions of this section shall apply . . . [r]egardless of whether the . . . commodity 

trading advisor is exempt from registration under the Act.”). 

Regulation 4.41(a)(l)-(2), 17 C.F.R. § 4.41(a)(l)-(2) (2022), prohibits fraudulent 

advertising by CTAs and principals thereof, and specifically provides that no CTA may advertise 

in a manner that employs any device, scheme, or artifice to defraud any client or prospective client, 

or engage in any transaction, practice or course of business which operates as a fraud or deceit 

upon such persons. Regulation 4.4l(c), 17 C.F.R. § 4.41(c) (2022), applies the aforementioned 

provisions to “any publication, distribution or broadcast of any report, letter, circular, 

memorandum, publication, writing, advertisement or other literature or advice, whether by 

electronic media or otherwise, including information provided via internet or e-mail, the texts of 

standardized oral presentations and of radio, television, seminar or similar mass media 

presentations” . . . “regardless of whether the [CTA] is exempt from registration under the Act.” 

Respondents acted as CTAs by soliciting and/or offering advice to no fewer than hundreds 

of potential clients through the aforementioned website, emails, newsletters, solicitation materials 

such as PowerPoint slides, electronic chat messages, phone calls, and in-person solicitations, all 

soliciting commodity trading advisor services advising on hedging strategies for the purchase or 

sale of commodity options, futures, other derivative and margin products in the energy markets. 

Respondents sought to earn and did earn compensation from the sale of those services, and thereby 

acted as CTAs for compensation or profit. 

In the course of engaging in the foregoing solicitations, Respondents misrepresented 

numerous aspects of their expertise and experience in the energy derivatives markets, client base, 

past performance, as well as the applicability of the Commission’s registration requirements to 

their business. 

B. Respondents violated Section 4m(l) of the Act, 7 U.S.C. § 6m(l) by failing to 

register as CTAs. 

Section 4m(1) of the Act, 7 U.S.C. § 6m(l), states that “[i]t shall be unlawful for any 

commodity trading advisor or commodity pool operator, unless registered under this chapter, to 

make use of the mails or any means or instrumentality of interstate commerce in connection with 

his business as such commodity trading advisor,” except that “the provisions of this section shall 

not apply to any commodity trading advisor who, during the course of the preceding twelve 

months, has not furnished commodity trading advice to more than fifteen persons and who does 
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not hold himself out generally to the public as a commodity trading advisor,” and other exclusions 

not relevant here. 

During the Relevant Period, by the conduct described above, Respondents acted as CTAs, 

including by holding themselves out generally to the public as commodity trading advisors through 

the above-mentioned means, such as the www.bryantcapitaltrade.com website. Respondents did 

not seek or obtain registration of any kind with the Commission during the Relevant Period, and 

therefore violated Section 4m(1) of the Act by acting as unregistered CTAs. 

IV. FINDINGS OF VIOLATIONS 

Based on the foregoing, the Commission finds that, during the Relevant Period, 

Respondents violated Sections 4o(1)(A) and (B), and 4m(1) of the Act, 7 U.S.C. §§ 6o(1)(A), (B), 

6m(1), and Regulations 4.41(a)(1)-(2) and (c), 17 C.F.R. §§ 4.41(a)(1)-(2), (c) (2022).

V. OFFER OF SETTLEMENT 

Respondents have submitted an Offer in which they: 

A. Acknowledge service of this Order; 

B. Admit the jurisdiction of the Commission with respect to all matters set forth in this 

Order and for any action or proceeding brought or authorized by the Commission based on 

violation of or enforcement of this Order; 

C. Waive: 

1. The filing and service of a complaint and notice of hearing; 

2. A hearing; 

3. All post-hearing procedures; 

4. Judicial review by any court; 

5. Any and all objections to the participation by any member of the Commission’s 

staff in the Commission’s consideration of the Offer; 

6. Any and all claims that they may possess under the Equal Access to Justice Act, 

5 U.S.C. § 504, and 28 U.S.C. § 2412, and/or the rules promulgated by the 

Commission in conformity therewith, Part 148 of the Regulations, 17 C.F.R. pt. 

148 (2022), relating to, or arising from, this proceeding; 

7. Any and all claims that they may possess under the Small Business Regulatory 

Enforcement Fairness Act of 1996, Pub. L. No. 104-121, tit. II, §§ 201–253, 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 proceeding; 

and 
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8. Any claims of Double Jeopardy based on the institution of this proceeding or the 

entry in this proceeding of any order imposing a civil monetary penalty or any other 

relief, including this Order; 

D. Stipulate that the record basis on which this Order is entered shall consist solely of 

the findings contained in this Order to which Respondents have consented in the Offer; and 

E. Consent, solely on the basis of the Offer, to the Commission’s entry of this Order 

that: 

1. Makes findings by the Commission that Respondents violated Sections 4o(1)(A) 

and (B) and 4m(1) of the Act, 7 U.S.C. §§ 6o(1)(A), (B), 6m(1), and Regulations 

4.41(a)(1)-(2) and (c), 17 C.F.R. §§ 4.41(a)(1)-(2), (c) (2022); 

2. Orders Respondents to cease and desist from violating Sections 4o(1)(A) and (B) 

and 4m(1) of the Act and Regulations 4.41(a)(1)-(2) and (c); 

3. Orders Respondents to pay, jointly and severally, restitution in the amount of fiftysix thousand six hundred fifty-five dollars and ninety cents ($55,655.90), plus any 

post-judgment interest, within ten days of the date of the entry of this Order; 

4. Orders Respondents to pay, jointly and severally, a civil monetary penalty (“CMP”) 

in the amount of one hundred ninety-five thousand dollars ($195,000), plus any 

post-judgment interest, within ten days of the date of the entry of this Order; 

5. Appoints the National Futures Association (“NFA”) as Monitor in this matter; 

6. Orders that Respondents are prohibited for a period of four (4) years from, directly 

or indirectly, engaging in 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)), after the 

date of entry of this Order, and all registered entities shall refuse them trading 

privileges during such period of time; and 

7. Orders Respondents to comply with the conditions and undertakings consented to 

in Section VI of this Order. 

Upon consideration, the Commission has determined to accept the Offer.

VI. ORDER 

Accordingly, IT IS HEREBY ORDERED THAT: 

A. Respondents shall cease and desist from violating Sections 4o(1)(A) and (B) and 4m(1) 

of the Act, 7 U.S.C. §§ 6o(1)(A), (B), 6m(1), and Regulations 4.41(a)(1)-(2) and (c), 

17 C.F.R. §§ 4.41(a)(1)-(2), (c) (2022).

B. Respondents shall pay, jointly and severally, restitution in the amount of fifty-six 

thousand six hundred fifty-five dollars and ninety cents ($55,655.90) (“Restitution
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Obligation”). If the Restitution Obligation is not paid in full within ten days of the date

of the entry of this Order, then post-judgment interest shall accrue on the Restitution 

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. 

Respondents shall receive a dollar-for-dollar credit against the Restitution obligation 

for all money paid to clients or former clients who obtain court judgments against 

Respondents in private civil litigation concerning the conduct described herein. 

To effect payment by Respondents and the distribution of restitution to Respondents’ 

clients and participants, the Commission appoints NFA as “Monitor.” The Monitor 

shall receive payments of the Restitution Obligation and any post-judgment interest 

from Respondents 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. 

Respondents shall make payments of the Restitution Obligation under this Order in the 

name of the “Bryant Capital Trade Management / Peter L. Bryant Settlement Fund” 

and shall send such payments by electronic funds transfer, or U.S. postal money order, 

certified check, bank cashier’s check, or bank money order to the Office of 

Administration, National Futures Association, 320 South Canal Street, 24th Floor, 

Chicago, IL 60606, under a cover letter that identifies the paying Respondent and the 

name and docket number of this proceeding. The paying Respondent 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. 

The Monitor shall oversee Respondents’ Restitution Obligation and shall have the 

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

the Respondents’ clients 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 Commission, as discussed below. 

To the extent any funds accrue to the U.S. Treasury for satisfaction of Respondents’ 

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

in accordance with the procedures set forth in this Order. 

C. Respondents shall pay, jointly and severally, a Civil Monetary Penalty in the amount 

of one hundred ninety-give thousand dollars ($195,000) (“CMP Obligation”) within 

ten days of the date of entry of this Order. If the CMP Obligation is not paid in full 

within ten days of the date of entry of this Order, then post-judgment interest shall 

accrue on the CMP Obligation beginning on the date of entry of this Order and shall be 
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determined by using the Treasury Bill rate prevailing on the date of entry of this Order 

pursuant to 28 U.S.C. § 1961.

Respondents shall pay the 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: 

C/O ESC/AMK326 

Commodity Futures Trading Commission 

6500 S. MacArthur Blvd. 

HQ Room 266 

Oklahoma City, OK 73169 

(405) 954-6569 office 

(405) 954-1620 fax 

9-AMZ-AR-CFTC@faa.gov 

If payment is to be made by electronic funds transfer, Respondents shall contact Tonia 

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

fully comply with those instructions. Respondents shall accompany payment of the 

CMP Obligation with a cover letter that identifies the paying party and the name and 

docket number of this proceeding. Respondents 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 Enforcement, 

Commodity Futures Trading Commission, 77 W Jackson Blvd., Suite 800, Chicago, 

Illinois 60604. 

D. Respondents are prohibited from, directly or indirectly, engaging in 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)), for a period of four (4) years after the date of entry of this 

Order and all registered entities shall refuse them trading privileges for such period of 

time. 

E. Respondents and their successors and assigns shall comply with the following 

conditions and undertakings set forth in the Offer: 

1. Public Statements: Respondents agree that neither they nor any of their successors 

and assigns, agents or employees under their authority or control shall take any 

action or make any public statement denying, directly or indirectly, any findings or 

conclusions in this Order or creating, or tending to create, the impression that this 

Order is without a factual basis; provided, however, that nothing in this provision 

shall affect Respondents’: (i) testimonial obligations; or (ii) right to take legal 

positions in other proceedings to which the Commission is not a party. 

Respondents and their successors and assigns shall comply with this agreement, 

and shall undertake all steps necessary to ensure that all of the agents and/or 
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employees under their authority or control understand and comply with this 

agreement. 

2. Respondents agree that they shall not, for a period of four (4) years, directly or 

indirectly: 

a. enter into any transactions involving “commodity interests” (as that term is 

defined in Regulation 1.3, 17 C.F.R. § 1.3 (2022)), for Respondents’ own 

personal accounts or for any accounts in which Respondents have a direct 

or indirect interest; 

b. have any commodity interests traded on Respondents’ behalf; 

c. control or direct 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; 

d. solicit, receive, or accept any funds from any person for the purpose of 

purchasing or selling any commodity interests; 

e. apply for registration or claim exemption from registration with the 

Commission in any capacity, and engage 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/or 

f. act 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 (as 

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

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

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

3. Cooperation with Monitor: Respondents shall cooperate with the Monitor as 

appropriate to provide such information as the Monitor deems necessary and 

appropriate to identify Respondents’ clients and participants, whom the 

Monitor, in its sole discretion, may determine to include in any plan for 

distribution of any restitution payments. Respondents shall execute any 

documents necessary to release funds that they have in any repository, bank, 

investment or other financial institution, wherever located, in order to make 

partial or total payment toward the Restitution Obligation. 

4. Cooperation with the Commission: Respondents shall cooperate fully and 

expeditiously with the Commission, including the Commission’s Division of 

Enforcement in this action, and any current or future Commission 

investigations or actions related thereto. Respondents shall also cooperate in 

any investigation, civil litigation, or administrative matter related to, or arising 

from, the subject matter of this action. 
5. Partial Satisfaction: Respondents understand and agree that any acceptance by 

the Commission of any partial payment of Respondents' Restitution Obligation 

and 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's right 

to seek to compel payment of any remaining balance. 

6. Change of Address/Phone: Until such time as Respondents satisfy in full their 

Restitution Obligation and CMP Obligation as set forth in this Order, 

Respondents shall provide written notice to the Commission by certified mail 

of any change to their telephone numbers and mailing addresses within ten 

calendar days of the change. 

7. Until such time as Respondents satisfying full their Restitution Obligation and 

CMP Obligation, upon the commencement by or against Respondents of 

insolvency, receivership or bankruptcy proceedings or any other proceedings 

for the settlement of Respondents' debts, all notices to creditors required to be 

furnished to the Commission under Title 11 of the United States Code or other 

applicable law with respect to such insolvency, receivership bankruptcy or 

other proceedings, shall be sent to the address below: 

Secretary of the Commission 

Office of the General Counsel 

Commodity Futures Trading Commission 

Three Lafayette Centre 

1155 21st Street, N.W. 

Washington, DC 20581 

* * * 

The provisions of this Order shall be effective as of this date. 

By the Commission. 

Cll4i t.%U4-

Christopher J. Kirkpatrick 

Secretary of the Commission 

Commodity Futures Trading Commission 

Dated: August 15, 2023 

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