The Commodity Futures Trading Commission (CFTC) announced that the U.S. District Court for the Eastern District of Wisconsin has entered a consent order against Robert Narvett, a resident of Wisconsin, in connection with a fraudulent investment scheme.
The court order requires Narvett to pay more than $185,000 in restitution to victims who were defrauded. It also imposes a permanent ban on Narvett from trading and registering with the CFTC, and prohibits him from further violating the Commodity Exchange Act.
This action resolves an enforcement case filed by the CFTC in March 2021. The CFTC had charged Narvett with fraud, misappropriation of client funds, and acting as a commodity trading advisor without proper registration. According to findings by the court, between December 2013 and March 2021, Narvett persuaded clients to allow him to manage their commodity futures accounts but then lost money trading those accounts and misused their investments. He made false statements about his trading success and failed to disclose both his lack of registration with the CFTC and that he was previously subject to a judgment in another federal case involving investment fraud.
In a related criminal matter handled by the U.S. Attorney’s Office for the Eastern District of Wisconsin, Narvett faced charges including wire fraud, bank fraud, money laundering, and aggravated identity theft. He pleaded guilty in May 2022 to one count each of wire fraud and money laundering. He received a sentence of 15 years in prison and was ordered to pay $1.68 million in restitution.
“The CFTC appreciates the assistance of the U.S. Attorney’s Office for the Eastern District of Wisconsin and the FBI,” according to its statement.
The Division of Enforcement staff involved in this case includes Dmitriy Vilenskiy, Julia C. Colarusso, Paul G. Hayeck, as well as former staff members Luke Marsh and A. Daniel Ullman II.
