 |
 |
|
|
|
|
|
|
|
| | | |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1
.
COMPLAINT
|
EXTRACTED KEY WORDS
WILES ACT FUTURES COMMODITY INVESTORS FUNDS CUSTOMERS PROFITS CONTRACT FEC DEFENDANTS EXCHANGE COMPANY TEXAS NORTHERN DISTRICT TRADES TRADING SYSTEM EQUITABLE RELIEF CIVIL PENALTIES MISREPRESENTATIONS COMMISSION TRANSACTION COMMODITY TRADING ADVISOR CAPACITY REQUIRING REGISTRATION WRITTEN STATEMENTS COMMISSION REGULATION PARAGRAPHS UNREGISTERED COMMODITY TRADING INTERSTATE COMMERCE SOLICITATION |
UNITED STATES DISTRICT COURT
FOR THE NORTHERN DISTRICT OF TEXAS
)
COMMODITY FUTURES TRADING ) Civil Action No. 3-02CV 0951G
COMMISSION, )
)
Plaintiff, )
)
v. )
)
DEWEY V. WILES )
and )
FUTURES EXCHANGE COMPANY, )
INC., )
)
Defendants. )
)
)
COMPLAINT FOR INJUNCTIVE AND OTHER EQUITABLE RELIEF AND FOR
CIVIL PENALTIES UNDER THE COMMODITY EXCHANGE ACT
I. SUMMARY
1. From approximately April 1998 through October 2001, Dewey V. Wiles ("Wiles"),
through his company, Futures Exchange Company, Inc. ("FEC"), solicited and accepted more than
$773,000 from approximately 80 persons who invested funds for the purpose of trading commodity
futures contracts. Wiles solicited prospective investors by falsely claiming to be a successful
commodity futures trader who had a trading system that could predict trades with 90-95% accuracy.
Wiles implied that trading futures was safe, and claimed that he could help investors --
senior citizens-- make substantial commodity futures trading profits. Wiles, however, traded only a
portion of the customers' funds, and lost money as a result of that trading. Nevertheless, Wiles
investors numerous written statements falsely reporting that the trading was profitable. Such
misrepresentations served both to solicit new money and to keep existing investors from
SNIPPETS:
|
|
|
| | | |
|
|
