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Violation Tracker Individual Record

Company: North American Asset Management, LLC
Penalty: $1,626,189
Year: 2017
Date: June 13, 2017
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: securities issuance or trading violation
Violation Description: The U.S. Commodity Futures Trading Commission announced that the U.S. District Court for the Southern District of Florida entered a Consent Order against North American Asset Management, LLC of Fort Lauderdale, Florida, its owner and president Alexi Bethel of Miami, Florida, and its owner and managing director Steven Labadie of Lake Worth, Florida. The Order found that NAAM, Bethel, and Labadie engaged in illegal, off-exchange transactions in precious metals with retail customers on a leveraged, margined, or financed basis and required them, jointly and severally, to pay restitution of $648,759.60 and a $977,430.47 civil monetary penalty.
Level of Government: federal
Action Type: agency action
Agency: Commodity Futures Trading Commission
Civil or Criminal Case: civil
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.