U.S. derivatives regulators have pulled the registration of a firm that was sanctioned by Canadian regulators last month.
The U.S. Commodity Futures Trading Commission (CFTC) has revoked the registrations of Gordon Driver and his company, Axcess Fund Management, LLC, which was registered with the CFTC as a commodity pool operator.
Big fines ordered in Axcess fraud scheme
The move comes in the wake of sanctions from the Ontario Securities Commission (OSC) last month. In mid-March, an OSC hearing panel ordered about $5 million in disgorgement, $1.5 million in penalties and costs, along with extensive trading and registration bans against Driver, Axcess, and others, for their involvement in a fraudulent futures trading scheme.
The CFTC says that it issued an initial decision against Driver and Axcess in February, finding that they were disqualified from registration based on a permanent injunction entered by the U.S. district court for the central district of California in July 2012, which enjoined Driver and Axcess from further violations of anti-fraud provisions of commodities legislation, and permanently enjoined them from becoming registered with the CFTC.
Axcess Capital Advisors Inc. of Calgary is not associated with the events described in the above article.