Release: 4210-98 (95-6970-CIV-DAVIS)
For Release: December 2, 1998
FLORIDA FEDERAL COURT ENJOINS RICHARD MASERI AND PRIVATE RESEARCH INC. FROM VIOLATIONS OF THE COMMODITY EXCHANGE ACT, AND ORDERS MASERI TO PAY OVER $552,000 AND PRIVATE RESEARCH TO PAY OVER $239,000 IN RESTITUTION TO CUSTOMERS
WASHINGTON – The Commodity Futures Trading Commission (CFTC) announced today that the U.S. District Court for the Southern District of Florida entered a final judgment of permanent injunction against Richard E. Maseri of Boca Raton Florida and Private Research, Inc., a Florida corporation, based on previous findings of fraud in connection with the sale of a commodity trading program.
The court's order enjoins Maseri and Private Research from engaging in violations of the antifraud and registration provisions of the Commodity Exchange Act (CEA), as well as various CFTC regulations. The order requires Maseri to pay $552,271.43, plus interest, and Private Research to pay $239,430.98, plus interest, in restitution to defrauded customers.
Chief Judge Edward B. Davis also enjoined Ronald Bruce Romberg, AIM International, Inc. (AIM), and Bullseye International, Inc.,from violating the CEA, and ordered AIM and Bullseye to pay restitution. On October 8, 1998, Judge Davis issued a final default judgment against Romberg and required him to pay restitution of $225,000.10.
In a previous order dated October 14, 1998 granting the CFTC summary judgment on each of the six counts of its complaint, Judge Davis found, among other things, that Maseri, AIM,and Bullseye defrauded customers in connection with the sale of a commodity software trading program, know as the "CAT-FX," which was developed, owned and marketed by Maseri (see CFTC News Releases 4065-97, October 21, 1997, and 3877-95, November 3, 1995).
The November 1998 order of permanent injunction specifically enjoins Maseri and the other defendants from defrauding customers through the sale of CAT-FX or other CAT commodity trading programs.
The November 1998 order names Barry R. Davidson, Esq. of Coll Davidson Carter Smith Salter & Barkett, Miami, Florida, as equity receiver for the purpose of identifying and receiving assets and preparing a plan for disbursement of restitution.
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