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November 15, 2007

Newport woman accused of commodity fraud

A Newport woman has been charged in a federal civil complaint with fraudulently soliciting and obtaining more than $500,000 from members of the public to invest in trading commodity futures.

Federal Judge Deborah A. Batts in New York's Southern District issued an order freezing assets of Elizabeth Baldwin of Newport and barring the destruction of business records, according to a news release today summarizing the complaint lodged by the U.S. Commodity Futures Trading Commission.

Baldwin is accused of defrauding people participating in a commodity pool to trade E-Mini S&P 500, 10-year notes and 30-year bond futures contracts.

The complaint alleges that, from at least January 2004 to now, Baldwin, doing business in her name and in the name of Newportant Group, fraudulently solicited and obtained more than $500,000.

Baldwin "represented to at least one participant" that money would be pooled for the purpose of trading futures contracts and that the pool had been making monthly profits from 3 to 10 percent. The complaint asserts that was false, that the pool lost money trading in all but one month.

-- projo.com staff writer Michael P. McKinney

Posted by Mike McKinney  at 4:01 PM | Permalink

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