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Florida Asset Protection News
Court Orders Illinois Broker John M. Lofgren And Melrose Asset Management To Pay Over $5.5 Million To Defrauded Commodity Pool Participants
Washington, D.C. – The U.S. Commodity Futures Trading Commission (CFTC) announced today that on August 30, 2004, Judge William J. Hibbler of the U.S. District Court for the Northern District of Illinois entered a consent order of permanent injunction against John M. Lofgren, formerly of Kenilworth, Illinois, and Melrose Asset Management of Chicago, Illinois. Lofgren was the chief executive officer of Melrose Asset Management, a registered commodity pool operator, and was registered in the futures industry as an associated person of Melrose Asset Management. The court’s action concludes a CFTC anti-fraud action against the defendants two years after it was filed on August 30, 2002 (see CFTC News Release 4695-02, September 4, 2002).
The CFTC complaint charged the defendants with misappropriating over $1.8 million from customers that had not been returned, issuing at least 200 false statements to pool participants, failing to distribute annual reports to pool participants and filing false annual reports with the CFTC. The defendants admitted the findings in the order.
The court’s consent settlement order permanently prohibits the defendants from violating the federal commodity laws, from trading commodity futures or options for themselves or others, and from applying for registration with the Commission in any capacity.
The court's order requires the defendants to pay restitution of over $1.8 million to pool participants and over $3.7 million in ill-gotten gains, for a total of over $5.5 million.
Asset protection can help when disaster strikes
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Definition:
A marital trust is used to benefit the surviving spouse of the person who dies. There are many reasons for creating such a trust-- to provide asset protection for the surviving spouse, or to ensure that your children are the ultimate beneficiaries of your estate.
Totten trust
Definition:
A savings account that allows the depositor to open the account as trustee for someone else (no real trust is set up). Account owners may use the funds as they see fit during their lifetime, and then upon their death the account balance is paid to the named beneficiary.
Real estate investment trust (REIT)
Definition:
A type of investment that pools the money of many individuals and acquires real estate or mortgages that are then owned proportionally by each investor.
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