His unprofitable trading resulted in significant losses of the pool participants’ funds, but Patel falsely reported to pool participants that their investments were accruing interest.
The U.S. District Court for the Southern District of Florida entered a restraining order to preserve records and freeze assets controlled by defendants Rajiv Patel also known as Ravi or Raj, and his company Bluprint, following a complaint filed by the CFTC.
The court, however, canceled a preliminary injunction hearing that was set for January 31, 2022, due to the death of Patel. The cause of death was not disclosed by the authorities.
The Commodity Futures Trading Commission charged Rajiv Patel and Bluprint for defrauding at least 16 pool participants of approximately $9.8 million through a commodity pool that purported to trade commodity futures and options.
According to the complaint, from approximately June 2019 to the present, Rajiv Patel used Bluprint to misappropriate pool participants’ funds and use the funds to pay personal expenses and to trade commodity futures and options in personal trading accounts.
His unprofitable trading resulted in significant losses of the pool participants’ funds, but Patel falsely reported to pool participants that their investments were accruing interest.
He also made false statements to an introducing broker and to futures commission merchants that held the defendants’ trading accounts and pool participants’ funds in order to…
