Commodity Options Fraud And Misappropriation Result In $2.5 Million In Sanctions Against Abraham Gutterman And His Companies
Abraham Gutterman and his companies, Alliance Capital Metals LLC and AR Goldman Wealth Management, LLC, are barred from the commodities industry by a court order from Judge Marcia G. Cook, of the U.S. District Court for the Southern District of Florida. As a result from a Commodity Futures Trading Commission (CFTC) complaint associated with a fraudulent gold and oil commodity options scheme, Gutterman and his companies will have to pay a civil fee of $2.1 million, as well as fees to the defrauded clients. The scheme included various tactics, some of which included high pressure sales strategies, false advertising of services, no proof of documentation, falsely claiming that the company was registered with the CFTC and many more. In addition to the fees, trading and registration bans have been placed on Gutterman and his companies, prohibiting them from breaching the Commodity Exchange Act and CFTC regulations again.
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