CFTC Orders New York Resident Nathan Schleifer And Galileo Trading To Pay Restitution And Penalties Totaling More Than $1.6 Million For Commodity Futures Fraud - Schleifer Also Concealed Material Facts And Made False Statements To The NFA - Schleifer And Galileo Fraudulently Obtained At Least $2.8 Million From Individuals In The Scheme

The U.S. Commodity Futures Trading Commission (CFTC) today settled charges againstNathan Schleifer of New York City, and his company, Galileo Trading, LLC (Galileo), for fraudulently soliciting customers to trade commodity futures and for repeatedly making numerous false statements and material misrepresentations to the National Futures Association (NFA) regarding their trading practices. From at least 1999 through 2014, Schleifer and Galileo fraudulently obtained at least $2.8 million from numerous individuals for the purported purpose of trading a pooled investment in commodity futures and managing customers’ futures trading accounts, the Order finds.