William Hionas of Sunny Isles Beach Florida was charged by the U.S. Commodity Futures Trading Commission (CFTC) for committing fraudulent off-exchange transactions in precious metals. Mr. Hionas was owner of companies Pan American Metals of Miami LLC and Pan American Metals of Miami Beach Inc. He solicited more than $4.7 million from customers in the U.S. and Canada. According to the release, Mr. Hionas’ companies claimed to sell and transfer ownership of precious metals to customers. Upon investigation, it was found that the Pan American Companies did not store precious metals on the behalf of costumers and, instead, Mr. Hionas used client funds for personal expenses. Mr. Hionas and his companies were ordered by the CFTC to pay restitution in the amount of $3.2 million and pay a civil monetary penalty of $1.5 million.
Do You Need a CFTC Defense Attorney?
The CFTC has filed many administrative proceedings actions against Sunny Isles Beach Florida -based Futures Commission Merchants (FCMs), Introducing Brokers (IBs), Commodity Pool Operators (CPOs), and Commodity Trading Advisors (CTAs) or filed Federal court actions against those industry members and others not registered with the agency for allegedly engaged in violation of the Commodity Exchange Act (CEA) through alleged market manipulation schemes or fraudulent cash and/or leveraged coin and/or bullion transactions.
CFTC Defense Trial Lawyer Serving All of Sunny Isles Beach Florida
Attorney Pearce’strial lawyer defense skills are highly regarded throughout Sunny Isles Beach Florida and across the nation. He began his career with Florida and expanded his nationwide SEC securities law defense practice to include commodities law and the defense of CFTC investigations and enforcement proceedings.
Free Initial Consultation With Securities, Commodities and Investment Dispute Lawyers Serving Sunny Isles Beach Florida Residents
The Law Offices of Robert Wayne Pearce, P.A. understands what is at stake in commodities law matters and investment disputes, and works tirelessly to secure the best possible result for you and your case. Mr. Pearce provides a complete case review, identifies the strengths and weaknesses of your case, and fully explains all of your legal options. For dedicated representation by a law firm with over 40 years of experience and success in all kinds of commodities law disputes serving Sunny Isles Beach Florida citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.