The U.S. Commodity Futures Trading Commission said on November 3 that the U.S. District Court for the Northern District of Texas had entered a default judgment against Walter Dunning Larrick III and Cambridge Financial Advisors LLC over a commodities fraud scheme.
The court found that the defendants fraudulently solicited and misappropriated more than $3 million from participants. They falsely said they would use the money to trade futures and options involving natural gas, oil and gold.
The defendants also made material misrepresentations and omissions about the profitability of commodity trading and issued false account statements to conceal their conduct, the court found.
