Arista LLC, Abdul Sultan Walji Sued by the CFTC
Abdul Sultan Walji and his company, Arista LLC, are at risk of having their registrations revoked by the U.S. Commodity Futures Trading Commission (CFTC). The CFTC is seeking to revoke the registrations of Walji and Arista due to their alleged involvement in misappropriating investor funds, providing false quarterly statements to investors, and making misrepresentations to the CFTC.
Walji, Arista, and Arista’s other principal Reniero Francisco admitted that from at least February 2010 through January 2012, they collected more than $9.5 million from 39 investors to invest in Arista. Walji and Francisco paid themselves $4.125 million in fees associated with the investment accounts while losing over $4.8 million of investors’ money trading in futures and options, including E-mini S&P futures contracts and U.S. Treasury Bond options.
Walji and Francisco provided false quarterly statements to their investors. These statements misrepresented the performance of the trading activities and concealed the exorbitant fees paid to Walji and Francisco while misleading the investors about the value of their accounts.
Walji and Francisco made false statements to the CFTC’s Division of Enforcement when they were asked to produce documents that contained information concerning the fees paid by Arista to Walji and Francisco. Walji and Francisco provided documents that misrepresented certain Arista account balances, asset values, and fee calculations, thereby concealing their misappropriation of investor funds.
The Peiffer Wolf securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting Arista investors with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.