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The U.S. Commodity Futures Trading Commission has revealed that federal court has instituted a consent order against Poway's Douglas Elsworth Wilson and three companies he controls, Elsworth Berg Capital Management, Elsworth Berg, and Elsworth Berg FX LLC. The court ordered Wilson and his firms to pay $5.4 million in restitution and penalties. The defendants solicited more than $4.4 million from more than 60 customers to trade commodity futures contracts and foreign currency. The defendants misappropriated customer funds, committed solicitation fraud, and issued false statements, says the regulator. The order imposes permanent trading and registration bans. In 2010, the California Department of Corporations revoked the license of Elsworth Berg Capital Management.
The U.S. Commodity Futures Trading Commission has revealed that federal court has instituted a consent order against Poway's Douglas Elsworth Wilson and three companies he controls, Elsworth Berg Capital Management, Elsworth Berg, and Elsworth Berg FX LLC. The court ordered Wilson and his firms to pay $5.4 million in restitution and penalties. The defendants solicited more than $4.4 million from more than 60 customers to trade commodity futures contracts and foreign currency. The defendants misappropriated customer funds, committed solicitation fraud, and issued false statements, says the regulator. The order imposes permanent trading and registration bans. In 2010, the California Department of Corporations revoked the license of Elsworth Berg Capital Management.