CFTC seeks to impose a fine of over $1M on Surrey Libor Capital president
The United States Commodity Futures Trading Commission (CFTC) is pushing for a fine of over $1 million to be imposed on president of a non-existent fraudulent FX firm. This becomes clear from documents filed by the regulator in the Hawaii District Court earlier this week and seen by FX News Group.
The CFTC seeks a default judgment against Gregory Demetrius Bryant, Jr., president of “Surrey Libor Capital, LLC”. Bryant is accused of having fraudulently solicited approximately $426,000 from at least 35 participants for pooled futures and FX trading—misappropriating at least $356,000 to pay personal expenses, including international travel, shopping, and rent, as well as at least $66,000 to make Ponzi payments to conceal and further his fraudulent scheme.
The CFTC seeks a default judgment because the defendant has failed defend himself in this action.
The proposed default judgment:
- Imposes trading and registration bans against Bryant, prohibiting him from entering into any transactions involving “commodity interests” or engaging in trading on or subject to the rules of any registered agency;
- Requires Bryant to pay a civil monetary penalty of $1,068,000, plus post-judgment interest, an amount equivalent to three times the monetary gain to the defendant;
- Requires Bryant to disgorge 356,000, plus post-judgment interest, an amount equivalent to the pool participant monies that he misappropriated;
- Requires Bryant to pay restitution in the amount of $360,000, plus post-judgment interest, an amount equivalent to losses incurred by pool participants.
The CFTC complaint alleges that since approximately September 2016 through at least June 2020, Bryant- while using the alias “Gregory Surrey England,” purported president of the nonexistent company “Surrey Libor Capital, LLC” – falsely guaranteed monthly futures and forex trading returns of $6,000 to $8,000 in some instances and 60 percent to 80 percent in other instances.
It is further alleged that Bryant made numerous false statements to prospective and current pool participants about his trading experience, his trading success, and being registered with the National Futures Association. According to the complaint, Bryant also failed to tell pool participants that he was a convicted criminal with a history of financial problems, including three bankruptcies.
Bryant, as alleged, misappropriated the vast majority of pool funds for personal expenses and further concealed his fraud and misappropriation of pool participants’ funds by falsely telling them their accounts were “in great shape,” to expect returns or disbursements soon, and/or that his business was being impacted by the coronavirus pandemic.