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FutureWise Trading Group Information

Welcome to the web page established for former investors of Todd Snively, Commodity Consultants International, Inc. (CCI) and/or FutureWise Trading Group, Inc. (FutureWise).

Update as of August 12, 2002

• We are working to ensure service of the summary of accounting upon every customer involved in this case. Additionally, we are processing outstanding accounting discrepancies.

• If you have not received your summary of customer accounting, please send an email to: FWTGComplaints@CFTC.gov.

• We will provide another update as new information becomes available.

Update as of July 17, 2002

• A summary of the preliminary accounting and a proposed figure upon which any restitution may be based has been mailed. Depending on geographic location, customers of Commodity Consultants International should expect to receive this mailing within the next week.

• This mailing provides each customer a final opportunity to review the accounting and provide us with evidence of any discrepancies. Any disputes regarding the proposed figures must be made in writing and include documentation to support these claims (e.g. copies of checks, wire transfer notices, etc.).

• To be considered, such notification of discrepancies MUST BE SENT NO LATER THAN AUGUST 5, 2002; sent to the attention of:

  Joy McCormack
  Commodity Futures Trading Commission
  Division of Enforcement
  525 West Monroe, Suite 1100
  Chicago, IL 60661

Update as of July 9, 2002

The defendants met the filing deadline of June 17th by filing an accounting. However, the CFTC has suggested some amendments to it and is currently waiting for the a revised version to be filed. Because there have not been any other developments, we have not recently posted new updates. Currently, the CFTC is preparing a letter for each investor which includes the accounting of that customer's investments and withdrawals. These letters will be sent after the revised accounting has been filed. This will provide each customer an opportunity to review the accounting. Once any further corrections are received and made, we can provide the information to the defendants so that the final customer accounting can be made with the court.

We will update this web page again as further information becomes available.

Update as of May 30, 2002

On February 28, 2002, the Court entered an order directing Defendants to file a complete and accurate accounting with the Court no later than May 28, 2002. It is our understanding that Defendants have requested a two week extension by which to file this accounting and we expect the Court to grant Defendants' request.

Meanwhile in the coming weeks, the CFTC will issue a letter to each investor reflecting each individuals' net investments. If you have moved at any time since July of 2001, please provide us with current mailing information by sending an email to: FWTGComplaints@cftc.gov. For now, we will await further direction from the Court and expect to post another update after the accounting has been filed and the letters mailed.

Update as of May 9, 2002

Attention all former customers of Commodity Consultants International
and/or Futurewise Trading Group, Inc.:

By now, you should have fully completed the CFTC's electronic survey and submitted all documentation either to us or to the National Futures Association.

We continue to conduct an accounting, which must be completed and approved by the court before an interim distribution can be made. The accounting is progressing well except for certain instances where financial records have not been furnished. If you have not provided documents verifying amounts sent to or returned by CCI, please send them to:

Joy McCormack, Investigator
Commodity Futures Trading Commission
Division of Enforcement
525 West Monroe
Suite 1100
Chicago, Illinois 60661

If you haven't received the notice of the electronic survey, please send an email to FWTGComplaints@cftc.gov and one will be provided to you. Meanwhile, any case developments will continue to be posted on this webpage.

Update as of April 10, 2002:

• Currently, we are at about 80% responsiveness to the e-survey, with continuing notices of the survey going out as well. We ask the investors to be patient in their communications to us. We are making our best efforts to communicate with the 1400+ customers involved and still ensure the progress of the case. As indicated in the court order of February 28th, we are currently working with the NFA to complete a final accounting for submission to the court. We do not expect the court to order any interim disbursements of restitution amounts until an accounting is completed and approved by the court. Meanwhile, any new public case developments will continue to be posted to this page. We appreciate your ongoing cooperation.

Update as of March 15, 2002:

• The electronic survey has been issued. If you did not receive a copy, please send an email message to FWTGComplaints@cftc.gov.

• On March 11, 2002, the U.S. Department of Justice filed a Complaint for Forfeiture which can be summarized as follows:

  The United States seeks civil forfeiture of approximately $4.2 million in wire fraud proceeds resulting from a scheme to defraud investors. That is, the Complaint alleges that from June 2001 through February 2002, Todd James Snively solicited and accepted investments in commodity futures through Commodity Consultant International, Inc. and FutureWise Trading Group. The Complaint further alleges that Snively perpetrated the wire fraud through the use of telephone lines, internet access lines, and wire transfers between federally insured banks.

  Section 981(e)(6) of Title 18 provides for the "restoration [of forfeited funds] to any victim of the offense giving rise to the forfeiture" when restitution is ordered in a criminal case. Alternatively, forfeited funds may be remitted to victims of fraud through the Petition for Remission process.

Information as of Monday, March 04, 2002:

• The Division of Enforcement in the CFTC’s Central Regional Office expects to issue an electronic survey to former customers, no later than March 11, 2002.

• On March 1, 2002, the CFTC’s Central Regional Office moved to:

  Commodity Futures Trading Commission
  Division of Enforcement
  Suite 1100
  525 West Monroe Street
  Chicago, Illinois 60661
  (312) 596-0700

• February 28, 2002 -- Judge Gadola entered a Consent Order of Preliminary Injunction against all defendants, thereby canceling the need for the hearing on a preliminary injunction, which was previously scheduled for March 6, 2002. Among other provisions, the Order directs Defendants to file a complete and accurate accounting with the Court no later than May 28, 2002.

• February 8, 2002 -- Honorable Paul V. Gadola of the U.S. District Court for the Eastern District of Michigan entered a statutory restraining order by consent against the defendants, freezing their assets, preventing the destruction or alteration of their books and records, and granting CFTC staff immediate access to those records.

• February 8, 2002 -- CFTC Files Complaint against Todd J. Snively of Michigan, Commodity Consultant International, Inc. (CCI) and FutureWise Trading Group, Inc. (FutureWise). The complaint charges defendants with fraudulently operating an internet-based trading platform which purportedly permitted investors to place orders for commodity futures contracts through CCI and Futurewise and alleges that defendants misappropriated investors’ funds. According to the complaint, defendants solicited and accepted at least $2.9 million from at least 60 people.

• Click on the link to read the CFTC's press release dated February 11, 2002 -- CFTC press release re. Todd Snively, Commodity Consultant International, and FutureWise Trading Group

Contacts:

The National Futures Association (NFA), a futures industry self-regulatory organization, provided substantial assistance to the CFTC in this matter. Public inquiries can be directed to the CFTC at fwtgcomplaints@cftc.gov or to the NFA at 800-621-3570.

Media Case Contact:
Scott R. Williamson
(No customer inquiries, please)
Acting Regional Counsel, Central Regional Office
CFTC Division of Enforcement
(312) 596-0700

fwtgcomplaints@cftc.gov