The US Commodity Futures Trading Commission announced that the US District Court for the District of Connecticut entered a default judgment against Michael Frederick Staryk, doing business as Magestic World Wide Finance and related names. The court ordered Staryk to pay USD 547,616 in restitution and a USD 5,907,720 civil monetary penalty, permanently barred him from trading and registration, and enjoined him from further violations of the Commodity Exchange Act and CFTC regulations. Staryk fraudulently obtained funds from at least 26 US retail clients for purported trading in options on commodity futures contracts. No promised trading occurred, and the funds were misappropriated. In a separate consent order, Yvonne Stephanie Solerti-Coto and Global Financial Institution LLC were ordered to disgorge USD 110,509.86 in client funds to which they had no legitimate claim. The orders resolve all claims in the CFTC’s 2024 enforcement action.
2026-09-15Commodity Futures Trading Commission
US Commodity Futures Trading Commission secures USD 5.9 million penalty and USD 547,616 restitution in commodity options fraud case
The US Commodity Futures Trading Commission secured a default judgment requiring Michael Frederick Staryk to pay USD 547,616 in restitution and a USD 5,907,720 penalty for misappropriating funds from at least 26 retail clients. The court also imposed permanent trading and registration bans, while two relief defendants were ordered to disgorge USD 110,509.86.