Aggregated News From Investment Management Regulators

CFTC Seeks to Revoke Registrations of Commodity Pool Operator and its CEO

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May 8, 2020

Washington, DC — The Commodity Futures Trading Commission today filed a Notice of Intent to revoke the registrations of Phy Capital Investments, LLC (PCI), a registered commodity pool operator with its principal place of business in Miami, Florida, and its chief executive officer and registered associated person, Fabio Bretas de Freitas (Bretas), a former resident of Miami, Florida. 

The notice alleges that PCI and Bretas are subject to statutory disqualification from CFTC registration based on an order and judgment by default entered by the U.S. District Court for the Southern District of New York on October 3, 2019. [See CFTC Press Release No. 8052-19] The order found that PCI and Bretas misappropriated commodity pool funds and issued false quarterly statements to pool participants.  Among other sanctions, the order permanently enjoined PCI and Bretas from further violations of the anti-fraud provisions of the Commodity Exchange Act, and ordered PCI and Bretas to jointly and severally pay more than $17.2 million in monetary relief.

In addition, the notice alleges that Bretas is subject to statutory disqualification from CFTC registration based on his conviction for conspiracy to commit commodities fraud and wire fraud in connection with these same activities, as entered by the U.S. District Court for the Southern District of New York on February 28, 2020.

The CFTC thanks the National Futures Association, the United States Attorney’s Office for the Southern District of New York, the New York City Field Office of the Federal Bureau of Investigation, and the Securities and Exchange Commission of Brazil (Comissão de Valores Mobiliários) for their assistance.

The Division of Enforcement staff members responsible for this registration action are Elizabeth M. Streit, Joy McCormack, Matthew Edelstein, Stacie Pan, Scott Williamson, and Robert Howell.

 

-CFTC-

Regulator Information

Abbreviation: CFTC
Jurisdiction: USA

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