CFTC v. Williams D. Perkins

385 F. App’x 251 (2010)

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CFTC v. Williams D. Perkins

United States Court of Appeals for the Third Circuit
385 F. App’x 251 (2010)

  • Written by Brett Stavin, JD

Facts

Williams D. Perkins (defendant) managed an investment vehicle called Universe Capital Appreciation, LLC (Universe). Universe did not itself trade in commodity futures. Instead, Universe periodically forwarded investment funds to a firm called Shasta Capital Associates (Shasta), which in turn periodically forwarded investment funds to a firm called Tech Traders. It was only Tech Traders that actually engaged in the trading of commodity futures. The Commodity Futures Trading Commission (CFTC) (plaintiff) brought an action against Perkins in federal district court, claiming that Perkins had committed fraud while acting as a commodity-pool operator under the Commodity Exchange Act (CEA). Perkins argued that he was not a commodity-pool operator, because Universe did not engage in the actual trading of commodity futures and instead merely forwarded investors’ funds to Shasta. The federal district court ruled against Perkins, finding that he was a commodity-pool operator, and Perkins appealed.

Rule of Law

Issue

Holding and Reasoning (Barry, J.)

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