WASHINGTON — The Commodity Futures Trading Commission announced today the U.S. District Court for the Southern District of Florida entered consent orders against defendants Steven Likos and Archie Rice for committing retail fraud, fraud as an associated person of a commodity pool operator, and related regulatory violations.
As outlined in the Likos order, while acting as sales agent of defendant Algo Capital LLC, Likos misappropriated customer funds and made numerous misrepresentations and omissions to customers and prospective customers. Likos falsely assured customers they could withdraw their funds, even though he knew or should have known that some, if not all, customer withdrawal requests were not being honored during the fall of 2022, and he misled customers about the firm’s claimed use of a proprietary trading algorithm. In reality, Algo Capital had arranged for defendant…
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