Infinity Q Founder to Pay CFTC $2 Million Without Restitution

Infinity Q Capital Management LLC founder James Velissaris, currently serving a 15-year prison sentence after pleading guilty to fraudulently inflating investment fund assets, was ordered to pay a $2.2 million civil penalty to the CFTC.

But Judge Jessica G. L. Clarke otherwise denied the Commodity Futures Trading Commission’s request for disgorgement and restitution, which she deemed duplicative of the payments already ordered in the parallel criminal case.

A different judge in the US District Court for the Southern District Court of New York overseeing the criminal case previously ordered Velissaris to forfeit the $22 million he received from the scheme ...