Legal Question in Civil Litigation in Michigan

A commodities broker stole our money

Todd Snively, owner of Futurewise Trading Group Inc. and Commodity Consultants International Inc. (both Michigan Corporations conducting business via the internet) defrauded us (his customers all over the US). He set up Futurewise as a deep discount commodity brokerage. Last week the Commodity Futures Trading Commision (CFTC) shut down Mr. Snively and his businesses and sued him (you can see the lawsuit in CFTC's website (www.CFTC.gov). In short, CFTC alledges that Mr. Snively engaged in an internet-based commodity futures trading scheme (he took our money, but did not invest it as we directed him to. Apparently he kept it.)

CFTC was able to freeze some funds and is in the process of determining who were the customers and how much each had involved to distribute the frozen assets (pro-rated I presume).

Aside from getting some of our money back, there must be something else we, the defrauded customers, can do. At least I hope so, but I don't know what our options are. I guess a class action is possible, but how do we go about it, and against who.

Thanks for any help you can give, and sorry if I misclassified the question.


Asked on 2/13/02, 2:32 pm

1 Answer from Attorneys
Geoffrey Lahn Lahn, McDonagh, and Brown, PLLC

Re: A commodities broker stole our money

Your question has many parts to it and involves some possible complex litigation, a class action is possible if there are enough people who have been defrauded by this individual. It would be up to one person to represent the class and the law firm representing that individual is responsible for notifying other investors. Class action cases like other torts are taken on a contigency basis -the attorneys are only paid when and if the Plaintiffs win the case. Yet another issue to be determined is whether Mr. Snively himself or other corporate officers can be held liable for the funds that were taken. There are many more facts involved in this case that would need to be examined by an attorney before a decision could be reached. If you would like to contact me I would be more than happy to discuss the issues with you.

Kindest Regards,

Geoff Lahn (734) 944-2269

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Answered on 2/13/02, 3:10 pm


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