The Commodity Futures Trading Commission has ordered a California woman to pay more than $4 million for fraud and registration violations.
The commission settled a case Thursday against Sharief Deona McDowell of Loma, California, ordering her to pay a civil penalty of more than $2 million and over $2 million in restitution for misappropriating client commodity futures contract funds.
Case details show McDowell accepted over $2 million from 29 individuals for commodity futures contracts, but instead used the funds herself.
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From October 2018 to March 2022, McDowell solicited funds through her company Presidential Investments LLC. McDowell acted as a CTA without being registered as one.
Records show that in communicating with clients, McDowell knowingly misrepresented the use of their funds. In a news release, CFTC said McDowell did not conduct any trading on behalf of her clients and fabricated trade confirmations to mislead them.
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