Dennis R. Bolze, owner of  Centurion Asset Management, Inc. (Centurion), was ordered to pay not less than $49.7 million in restitution and civil monetary penalties to the Commodities Futures Trading Commission (CFTC) after he and the firm were charged with illegally soliciting commodity pool clients, commingling customer funds monies, and releasing incorrect statements to customers in the US and Europe.

Judge Curtis L. Collier of the US District Court for the Eastern District of Tennessee found that Bolze illegally asked for and received approximately $20 million from no less than 100 clients between April 2002 and 2008. Moreover, Bolze made unfounded claims regarding his firm’s earnings and also personally used client funds.

The defendants have been banned from participating in the trading of commodities and in registering with the CFTC. Bolze, who comes from Gatlinburg, Tennessee, is now serving his term in a federal prison.

Reference: http://www.cftc.gov/PressRoom/PressReleases/pr5995-11.html