Washington, D.C. – The Commodity Futures Trading Commission today announced that it filed a civil enforcement action in the Southern District of Florida against Rico Cox of Fort Lauderdale, Florida. The complaint alleges that, for a second time, Cox fraudulently solicited and accepted funds, this time at least $842,900 that was intended for commodity futures trading. Cox has never been registered with the CFTC.
In litigation, the CFTC seeks restitution to defrauded investors, disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA), as charged.
“Rico Cox is a recidivist fraudster who, despite a prior commodity fraud judgment against him, has again lied to participants about his experience and trading skill, and, in this case has stolen funds deposited with him for futures trading,” said CFTC Acting Director of Enforcement Gretchen Lowe.
Case Background
The complaint alleges that, beginning in approximately December 2019 and continuing through the present, Cox persuaded at least 14 individuals to transfer at least $842,900 to him for the purported purpose of trading commodity futures. In reality, Cox misappropriated at least $367,979 of the participant funds for direct personal benefit.
The complaint alleges that Cox knowingly made...
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