In response to a CFTC Complaint dated January 12, 2016, U.S. District Court for the Southern District of Florida Judge William P. Dimitrouleas entered an Order of Final Judgment by Default against Joseph Charles DiCrisci and his company, Oakmont Financial Inc.. The Order penalized the defendants for (i) engaging in illegal off-exchange precious metal transactions with retail customers on a leveraged, margined or financed basis without making delivery, and (ii) failing to register with the CFTC as a futures commission merchant pursuant to CEA requirements.
Under the CEA, such off-exchange transactions with retail customers are illegal unless they result in the actual delivery of metal within 28 days. According to the Order, precious metals never actually were delivered to defendants' customers who engaged in these transactions.
The Court Order requires Mr. DiCrisci to (i) cease and desist from further precious metal violations, as charged, and (ii) pay $735,329 in disgorgement and a $2,205,987 civil monetary penalty.
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