Securities Regulation Daily Wrap Up, FRAUD AND MANIPULATION—D. Or.: CFTC secures over $2M restitution in precious metals and forex pool fraud case, (Dec 10, 2025)
Law Firms Mentioned:Angeli & Calfo LLC
Organizations Mentioned:SimTradePro Inc.
A federal court ordered SimTradePro and its owner to repay victims and permanently exit the commodities industry for running fraudulent precious metals and foreign currency pools.
A federal district court in Oregon has entered a consent order against Robert L. Adams and SimTradePro Incorporated, concluding a CFTC enforcement action that uncovered significant fraud in multiple commodity pools. The order requires more than $2 million in restitution to victims, imposes permanent trading and registration bans on the defendants, and bars further violations of the Commodity Exchange Act and CFTC regulations. This resolution also follows a related criminal case in which Adams received a prison sentence and restitution obligation (CFTC v. Adams, No. 6:24-cv-01653-MC (D. Or. Nov. 25, 2025)).
The court found that Adams and SimTradePro fraudulently solicited over $2.3 million from at least 100 customers, many nearing retirement, by promising to trade leveraged foreign currency, gold, and silver on their behalf. They misrepresented their fee structure, claiming they would only earn money if their customers profited, and concealed trading losses. The court further determined that SimTradePro acted unlawfully as both a commodity pool operator and a commodity trading advisor without proper registration.
In the parallel criminal matter, Adams was sentenced to 2.5 years in prison for the same misconduct. The CFTC emphasized that restitution orders do not guarantee recovery if wrongdoers lack assets but reaffirmed its commitment to pursuing accountability and protecting customers. The CFTC acknowledged assistance from international and state regulatory partners, including the U.K. Financial Conduct Authority, the Oregon Division of Financial Regulation, the Australian Securities and Investments Commission, and the Central Bank of Ireland.
The case is No. 6:24-cv-01653-MC.
Judge: McShane, M.
Attorneys: Harry Edward Wedewer for the CFTC. Michelle Holman Kerin (Angeli & Calfo LLC) for Robert L. Adams.
Companies: SimTradePro Inc.
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