CFTC Obtains Default Judgment Orders Against Three Magee Family Members Of Calgary, Alberta, Canada, For Commodity Pool Fraud - Federal Court Orders Ryan, David, And Dalyne Magee To Pay More Than $3.2 Million In Restitution, Disgorgement, And Civil Monetary Penalties

The U.S. Commodity Futures Trading Commission (CFTC) today announced that Judge Lynn Adelman of the U.S. District Court for the Eastern District of Wisconsin entered an Order of Default Judgment and Permanent Injunction against Defendants Ryan Magee, his father David Magee, and Ryan’s wife Dalyne Rae Magee, all of Calgary, Alberta, Canada, in connection with a commodity pool fraud that victimized United States and Canadian participants. The court’s Order requires the Magees jointly to disgorge USD $715,069.60 in misappropriated customer funds and Ryan Magee to pay restitution of USD $1,324,490.58. The Order also imposes a civil monetary penalty of USD $840,000 on Ryan Magee, and a civil monetary penalty of USD $140,000 each on David and Dalyne Magee. The Order also permanently bans the Magees from trading or registering with the CFTC and prohibits them from violating provisions of the Commodity Exchange Act, as charged.