Friday, February 14, 2014

Charlotte capital manager has registration revoked

The U.S. Commodities Futures Trading Commission said Friday that it has revoked the registration of Charlotte-based Prestige Capital Advisers.

Its owner, Toby D. Hunter of Waxhaw, has been accused of bringing in $4.7 million to invest in commodities and futures, then posting false results and returns for current customers and future investors to see.

Friday's announcement is the latest step in the winding legal process that began in 2011, when he was originally charged in federal court in Charlotte.

In July 2013, Hunter was ordered to pay $11.7 million in restitution and fines. The next month, the CFTC said it intended to revoke the firm's registration.

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