Shakespeare Penalized For Fraud (No, Not That One)

A federal court in Texas ordered Steven Leigh Shakespeare and his company, Guardian Futures, Inc. ("GFI"), an Austin-based introducing broker, to pay $260,000 in an anti-fraud action brought by the Commodity Futures Trading Commission (“CFTC”). 

The court found that, beginning on or about November 20, 2007, and continuing to at least January 18, 2008, Shakespeare and GFI engaged in fraud and unauthorized trading with regard to commodity accounts introduced by the defendants. Specifically, the court found that Shakespeare committed fraud and made misrepresentations and/or omissions of material fact and knowingly made unauthorized transactions in two accounts held at a futures commission merchant.
 
The court required Shakespeare and GFI each to pay a $130,000 civil monetary penalty and permanently prohibited the defendants from engaging in any commodity-related activity and from registering with the CFTC in any capacity.