Man Sentenced to 30 Months for Commodity Fraud
Sept. 18 –A California man was sentenced to 30 months in prison Sept. 16 by the U.S. District Court for the Northern District of California after previously pleading guilty to conspiring to defraud investors in a foreign currency exchange fund (United States v. Hatfield, N.D. Cal., No. 09-cr-01195 9/16/13).
In a Sept. 17 statement, U.S. Attorney Melinda Haag said defendant Rodney Hatfield admitted that he obtained money from the public, including fellow church-goers, by making false representations about the profitability of his trading and the value of investors’ accounts.
According to the prosecutor, Hatfield admitted his actions cost investors more than $1 million.
Haag said Hatfield’s Landmark Trading Co. LLC initially did make legitimate currency trades on behalf on investors. However, the company soon began losing money. Instead of accurately stating that circumstance to investors, however, Hatfield distributed false reports indicating profitable trading activity, according to Haag.
Hatfield pleaded guilty to conspiracy to commit wire fraud in January (21 SLD, 1/31/13). A judge will determine Nov. 8 how much restitution he will be required to pay.
Documents in the case can be seen at http://www.bloomberglaw.com/public/document/USA_v_Hatfield_et_al_Docket_No_509cr01195_ND_Cal_Dec_17_2009_Cour.