The U.S. Commodity Futures Trading Commission (CFTC) recently settled administrative claims against West Palm Beach, Florida’s Worth Asset Management LLC (Worth Asset) and its sole owner and manager, Paul L. Kaulesar of Royal Palm Beach.
According to the CFTC, Worth Asset and Kaulesar solicited retail customers by telephone to make investments in gold, silver, and platinum. During these conversations, Worth Asset and Kaulesar made false representations concerning their past performances. Instead of actually making investments on the customers’ behalf, Worth Asset and Kaulesar transferred the funds to their own account. In total, Worth Asset and Kauselar misappropriated over $4.6 million.
The settlement agreement requires Worth Asset and Kaulesar to pay a $1,565,000 in fines and$4,696,640 in restitution to their customers. They have also received permanent trading and registration bans.
Kaulesar and Worth Asset were never registered with the CFTC or with the National Futures Association. However, the CFTC determined that it had jurisdiction over them because they made false statements in connection with their solicitation of customers to purchase physical commodity contracts.
Blau & Malmfeldt invites victims of Worth Asset to contact us at 312-443-1600 for a complimentary case evaluation. Blau & Malmfeldt is a law firm that represents investors across the United States in securities, commodity futures, partnership and shareholder rights disputes.