Bringing you live news and features since 2006 

CFTC seeks to revoke registrations of Gordon Driver and Axcess Fund Management

RELATED TOPICS​

The US Commodity Futures Trading Commission has filed a notice of intent to revoke the registrations of Gordon A Driver and Axcess Fund Management.



Driver, a resident of Las Vegas, Nevada, is registered with the CFTC as an associated person and is the sole principal of Axcess Fund, which is a registered commodity pool operator.

The CFTC’s notice alleges that Driver and Axcess Fund are subject to statutory disqualification from CFTC registration based on the 5 July 2012 summary judgment order and the 12 July 2012 final judgment and permanent injunction order entered by the US District Court for the Central District of California.

The summary judgment order and final judgment find that the defendants fraudulently solicited over USD14.3m from over 100 pool participants, made materially false and misleading statements or omissions of facts to pool participants, and misappropriated approximately USD10.6m for Ponzi-type payments and personal expenses.

The final judgment order imposes permanent trading and registration bans against the defendants and orders them to pay restitution of more than USD9.5m and a USD31.8m civil monetary penalty. The final judgment also permanently prohibits the defendants from violating the Commodity Exchange Act and CFTC regulations, as charged.

Latest News

BlackRock's iShares, an undisputed leader among European ETF issuers, pushed further ahead in Q1 with EUR173 billion in trades, triple..
European ETFs raised USD47.8 billion in Q1, a 15 per cent increase compared to the same period in 2023, according..
LSEG Lipper’s March report finds that globally equity ETFs (+EUR113.2 billion) enjoyed the highest estimated net inflows for the month,..
Morningstar has published a review of the European ETF market for the first quarter 2024, which finds that it gathered..

Related Articles

etf active trading
Latest Morningstar data shows actively managed ETFs’ share of the US ETF market rose to 8.5 per cent at the...
Kristen Mierzwa, FTSE Russell
Index Investments Group (IIG), a division within index provider FTSE Russell, has extended its range of indices through two new...
ETFs
US ETF issuers of active ETFs are facing an increase in fees from the big custodian firms, such as Charles...
Taylor Krystkowiak, Themes ETFs
Themes ETFs opened its doors in December 2023, with an introductory suite of 11 ETFs – seven thematic and four...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by