Multi-Million Dollar Fraud Scheme Lands US Commodities Firm Owner in Jail for 3 Years

The fraudster and his co-conspirator have stolen over $3.2 million (2.4 million EUR)

Nicholas Cox, the owner of North Carolina-based commodities firm Integra Capital Management LLC, has been sentenced to 36 months in prison for his role in a fraud scheme that earned him over $3.2 million (2.4 million EUR).

Besides the prison sentence, Cox will also serve three years of supervised release and will have to pay close to $2 million (1.5 million EUR) in restitution.

According to the US Department of Justice, Cox and his co-conspirator, who was the co-owner of the firm, launched a scheme whose main goal was to defraud investors in commodity trading poles operated by their company.

This took place between September 2006 and January 2009.

The fraudsters used the money provided to them by later investors to pay early investors and to purchase real estate, automobile and other goods and services. Part of the money was also directed to fund other business ventures.

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