The U.S. Commodity Futures Trading Commission has banned convicted fraudster Paul Abad from the commodity trading business and obtained more than pay $860,000 in restitution, the agency announced on Monday.
Abad ran Thirteen Thirty-Two, Inc., under the name MRTS Asset Management. The CFTC charged that the company took $400,000 from the general public to trade commodity futures contracts, and then sustained approximately $122,000 in trading losses. The company also misappropriated about $230,000 of participants’ funds and concealed trading losses in connection with operating a fraudulent commodity trading pool. The CFTC also said that the company routinely sent customers false performance statements claiming profitable trading returns.
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