CFTC Obtains Default Judgment Directing Florida Man to Pay $6.45 Million for Commodity Options Fraud Scheme

The Commodity Futures Trading Commission has secured a default judgment in federal court against a Florida man who ran a fraudulent scheme targeting retail clients with promises of trading in options on commodity futures contracts.

Default Judgment Imposes Restitution, Penalty and Trading Bans

The U.S. District Court for the District of Connecticut entered the default judgment against Michael Frederick Staryk, individually and doing business as Magestic World Wide Finance (a/k/a Magestic WW Solutions, a/k/a Magestic World Wide Solutions). Staryk must pay $547,616 in restitution to defrauded clients and a $5,907,720 civil monetary penalty.

The judgment permanently enjoins Staryk from further violations of the Commodity Exchange Act and Commission regulations. It also imposes permanent trading and registration bans. Staryk fraudulently solicited and obtained funds from at least 26 U.S. retail clients. The promised trading never occurred. Client funds were misappropriated.

Consent Order Requires Disgorgement by Relief Defendants

A separate consent order directs relief defendants Yvonne Stephanie Solerti-Coto and Global Financial Institution LLC to disgorge $110,510 in ill-gotten gains received from Staryk client funds. The order finds the relief defendants had no legitimate claim to those funds.

These orders resolve all claims from the CFTC’s 2024 enforcement action. The CFTC acknowledged assistance from the U.S. Attorney’s Office for the Northern District of Texas, the FBI Dallas/Fort Worth Office and the Superintendencia General de Valores de Costa Rica.

Reporting: CFTC Enforcement Actions

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