Wilmette Man Ordered to Pay $825K For Fraud

A U.S. District Court judge on Wednesday ordered a Wilmette man and his compoany to pay an $825,000 civil monetary penalty for commodity pool fraud, Futures Magazine reports.

Jay C. Nolan of Wilmette, Ill., and his company, Lodge Capital Group, LLC also received a permanent trading and registration ban, handed down by Northern Illinois Judge Charles R. Norgle.

"The court’s order finds that, from at least January 2005 through November 2009, Nolan solicited at least $3.9 million from approximately 10 customers to trade commodity futures contracts in Nolan’s Lodge Diversified Fund, LP, commodity pool," according to a press release from The U.S. Commodity Futures Trading Commission. ()

Meanwhile in March, Nolan had been sentenced to "60 months of imprisonment and ordered him to pay $3.3 million in restitution" in a related case.

Read the full CFTC press release on Futures Magazine.