The Commodity Futures Trading Commission (CFTC) today announced Judge Mary Rowland of the Illinois Northern District Court entered an order granting summary judgment to the CFTC on all counts of its complaint.
Judge Rowland also ordered more than $83.7 million in restitution and $36.9 million in disgorgement jointly and severally against Sam Ikkurty of Oregon and Jafia, LLC, Ikkurty Capital, LLC d/b/a Rose City Income Fund I, Rose City Income Fund II, and Seneca Ventures, LLC (defendants).
In addition, the summary judgment order also found the defendants misappropriated funds through a carbon offset program.
The order finds Ikkurty and the defendants committed all alleged violations of the Commodity Exchange Act (CEA) and CFTC regulations, including fraud and failure to register. Judge Rowland also found the defendants operated as “a…
Read More
