A Waxhaw man has been ordered to pay $11.7 million after being found to have fraudulently taken in millions through an investment pool, the U.S. Commodity Futures Trading Commission announced today.
Toby D. Hunter, who ran Prestige Capital Advisors and D2W Capital Management in Charlotte, was accused of accepting $4.7 million to invest in commodities and futures, then posting false historical returns and recent results and for current and potential customers to see. He also allegedly sent out false account statements.
Hunter and his companies will now have to pay back the money and pay an additional $7 million fine.
He was originally charged in 2011.
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