WEST PALM BEACH, FL (HEDGECO.NET) – Equity Financial Group LLC, along with its President Vincent Firth was charged by the Commodities Futures Trading Commission [CFTC] with fraudulently solicitingmore than $5.7 million from 29 or more investors for its fund, Shasta Capital Associates, LLC, a Delaware registered corporation on April 1, 2004.
The CFTC complaint also named the trading advisor for the fund, Robert W. Shimer of Leesport, Pennsylvania, in a civil action No. 04-1512. The complaint filed on April, 1, 2004 charges �that Equity and Firth fraudulently solicited and received at least $5.7 million from 29 or more investors for participation interests in Shasta, a commodity pool that has been touted as a hedge fund� according to the civil action.
The CFTC suit furthermore mentioned that �Equity and Firth, through various websites and a private placement memorandum, touted Shasta as having earned annual investment returns exceeding 100 percent in each of the last three years by trading commodity futures contracts using a �unique computerized approach� they called the Synergetic Portfolio Trading System�.
The account of Shasta Capital has been ordered frozen by CFTC authorities until the civil case runs its course.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: [email protected]
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