Former CEO of investment firm Systematic Alpha Management LLC (SAM), Peter Kambolin, has pleaded guilty to running a fraudulent cherry-picking scheme. Kambolin admitted to fraudulently allocating profits and losses from futures trades while serving as a commodity trading advisor and commodity pool operator. The US Department of Justice revealed that Kambolin selectively assigned profitable trades to his own accounts while his clients suffered losses. Despite marketing SAM as offering algorithmic trading strategies involving crypto futures contracts, it was found that only half of Kambolin’s trades involved equity index futures contracts. The proceeds from the scheme were used to fund Kambolin’s personal expenses and make deposits to foreign bank accounts controlled by his co-conspirators. Kambolin has pleaded guilty to conspiracy to commit commodities fraud and could face up to five years in prison.

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Information	Details
Geography	North America
Countries	🇧🇾 🇩🇲
Sentiment	negative
Relevance Score	1
People	Peter Kambolin
Companies	Systematic Alpha Management LLC, Belarus, US Department of Justice, Dominica, Justice Department’s Criminal Division
Currencies	None
Securities	None