The Commodity Futures Trading Commission said the U.S. District Court for the Northern District of Texas entered a default judgment against Walter Dunning Larrick III and Cambridge Financial Advisors LLC, ordering a 9,767,625 dollar civil monetary penalty and 3,255,875 dollars in restitution, with permanent trading and registration bans. The court found the defendants fraudulently solicited and misappropriated more than 3 million dollars from participants, falsely saying the funds would trade futures and options involving natural gas, oil and gold, and issuing false account statements to conceal the misconduct. The court also found participant funds were paid to existing participants in a manner akin to a Ponzi scheme, used for Larrick’s personal expenses, and sent to offshore accounts in Costa Rica, and the judgment resolves the CFTC’s 2023 complaint.
CFTC wins 13 million dollar order in Texas commodities fraud
A federal court in Texas ordered Walter Dunning Larrick III and Cambridge Financial Advisors LLC to pay 13,023,500 dollars in a CFTC commodities fraud case, made up of a 9,767,625 dollar civil penalty and 3,255,875 dollars in restitution.
Why it matters: The default judgment closes a 2023 CFTC complaint over more than 3 million dollars solicited for futures and options trading that the court found was misappropriated, including payments run in a manner akin to a Ponzi scheme.
Data as of CFTC press release 9320-26 dated November 3, 2026, read in full in this run; every figure is the release's own. Developing item.
Sources
- CFTC Secures Court Order Directing Texas Man and His Company to Pay Over $13 Million in Commodities Fraud, Release Number 9320-26 - Commodity Futures Trading Commission - 2026-11-03