The Commodity Futures Trading Commission (CFTC) announced today the U.S. District Court for the District of Connecticut entered a default judgment against defendant Michael Frederick Staryk, individually and doing business as Magestic World Wide Finance (a/k/a Magestic WW Solutions, a/k/a Magestic World Wide Solutions).

Per the default judgment, the court ordered Staryk to pay $547,616 in restitution to defrauded clients and a $5,907,720 civil monetary penalty. The court also permanently enjoined Staryk from further violations of the Commodity Exchange Act and Commission regulations, as charged, and imposed permanent trading and registration bans.

As detailed in the complaint and default judgment, Staryk engaged in a deceptive scheme in which he fraudulently solicited and obtained funds from at least 26 U.S. retail clients, purportedly for trading in options on commodity futures contracts. The promised trading did not occur, and client funds were misappropriated.

Separately, the court entered a consent order against relief defendants Yvonne Stephanie Solerti-Coto and Global Financial Institution LLC. That order finds the relief defendants received $110,509.86 in Staryk client funds to which the relief defendants had no legitimate claim. The court ordered the relief defendants to disgorge these Staryk ill-gotten gains.

The default judgment and consent order resolve all claims from the CFTC’s 2024 enforcement action.