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Saturday, June 15, 2024 | Back issues
Courthouse News Service Courthouse News Service

SoCal ‘Adviser’ Waltzed|with Money, CFTC Says

SAN DIEGO (CN) - A Carlsbad, Calif. investment adviser defrauded hundreds of Russians of $3.9 million and "loaned" $464,000 to himself, the Commodity Futures Trading Commission claims in court.

The CFTC sued Direct Investment Products, Inc., and its CEO Alexander Glytenko, whose "last known address" also was Carlsbad, a wealthy seaside suburb of San Diego.

The CFTC claims Glytenko "fraudulently solicited approximately $3.9 million from approximately 761 individuals residing in Russia and various former republics of the former Soviet Union to become participants in a commodity pool known as DIP Capital Partners (the 'Pool') that traded in futures and options on commodities, indices, currencies, treasury bonds and notes, and metals."

He did this through a string of lies, including showing "profitable performance figures" for years in which "the Pool did not exist," and for at least two years in which it did exist, but lost money, the CFTC says in the 31-page lawsuit.

Glytenko also loaned himself $464,000 and never repaid it, the CFTC says.

Glytenko is CEO and controlling person of co-defendant DIP, and also a principal of Institutional Capital Management LLC, which is not a party to the case, the CFTC says.

It seeks restitution, treble damages for securities violations, and an injunction.

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