(WTAQ-WLUK) — In a new order from the Commodity Futures Trading Commission, an Appleton man must pay more than $185,000 in restitution to victims he defrauded in a scheme that lasted more than a decade.
Robert Narvett, 57, was sentenced to 15 years in prison for one count of wire fraud and one county of money laundering.
The CFTC also permanently bans him from trading and registering with the organization and prohibits him from further violating provisions of the Commodity Exchange Act, as charged.
According to the court’s findings, from at least December 2013 through March 2021, Narvett took more than $2 million from nearly 70 people, which included family friends and neighbors.
Officials say Narvett persuaded clients to let him manage their commodity futures trading accounts. He then abandoned them after losing money trading their accounts and misappropriating their investment funds. To solicit client funds, Narvett made numerous false and misleading statements about his trading successes and methods. He also failed to disclose that he was not registered with the CFTC as a commodity trading advisor as required by the Commodity Exchange Act, and that a Wisconsin federal court had previously entered a judgment against him in a Securities and Exchange Commission case involving a fraudulent investment scheme.
In May 2022, he pleaded guilty to one count of wire fraud and one count of money laundering.
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