CFTC Charges Austin, Texas Resident Steven Leigh Shakespeare And His Company, Guardian Futures, Inc., With Fraud And Unauthorized Trading

The U.S. Commodity Futures Trading Commission (CFTC) announced today that it charged Steven Leigh Shakespeare, and his company, Guardian Futures, Inc., both of Austin, Texas, with fraud and unauthorized trading of customer accounts, resulting in combined customer trading losses of at least $196,000.

The CFTC complaint, filed on April 8, 2009, in the U.S. District Court for the Western District of Texas, alleges that Shakespeare engaged in a series of unauthorized transactions and fraudulent acts in the accounts of Plains Grain Company, Inc. and Evans Grain Marketing LLC. The complaint charges that Shakespeare, throughout the course of the unauthorized transactions, made misrepresentations and omitted material facts to customers and to Alaron Trading Corporation, the futures commission merchant to whom Shakespeare had introduced the customer accounts.

On the same day the complaint was filed, the court entered a statutory restraining order preserving books and records and providing the CFTC immediate access to such books and records.

In its continuing litigation, the CFTC seeks restitution to customers, disgorgement of all ill-gotten gains, civil monetary penalties, a permanent injunction, and trading prohibitions, among other sanctions.

The CFTC appreciates the assistance of the office of the United States Attorney for the Western District of Texas.

The following CFTC Division of Enforcement staff are responsible for this case: Timothy J. Mulreany, David Reed, Michael Amakor, Paul Hayeck, and Joan Manley.