COMMODITY POOL OPERATOR HAS REGISTRATIONS REVOKED IN FRAUD CASE

FROM: COMMODITY FUTURES TRADING COMMISSION,
April 2, 2013
CFTC Revokes Registrations of Gordon A. Driver and Axcess Fund Management, LLC

Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced the revocation of the registrations of Gordon A. Driver of Las Vegas, Nevada, and his company Axcess Fund Management, LLC (Axcess). Axcess was registered with the CFTC as a Commodity Pool Operator, and Driver was registered as an Associated Person of Axcess and listed as its sole principal.

On February 19, 2013, the CFTC Judgment Officer issued an Initial Decision on Default against Driver and Axcess finding that they were statutorily disqualified from CFTC registration based on an order of permanent injunction entered by the U.S. District Court for the Central District of California on July 12, 2012 (District Court’s Order) (see CFTC News Release 6304-12). The District Court’s Order enjoined Driver and Axcess from further violations of certain anti-fraud provisions of the Commodity Exchange Act (CEA) and permanently enjoined them from becoming registered with the CFTC or acting as a principal or agent of a registrant.

The CFTC’s Initial Decision on Default finds that the District Court’s Order demonstrates that Driver and Axcess are unfit to act as Commission registrants and constitutes a valid basis for revoking their registrations under the CEA.

In related cases, (1) on December 14, 2009 the U.S. Securities and Exchange Commission (SEC) obtained a permanent injunction against Driver and on September 22, 2011 an SEC Administrative Law Judge issued an Initial Decision barring Driver from the securities industry, including SEC registration, (2) on September 27, 2012, the Ontario Securities Commission (OSC) in Canada issued an order finding that Driver and Axcess had violated certain OSC anti-fraud provisions, and (3) on October 4, 2012, the U.S. Attorney’s Office for the Central District of California filed an indictment against Driver charging him with criminal fraud in connection with his operation of the commodity pool that was the subject of the CFTC civil action.

CFTC Division of Enforcement staff members responsible for this case are W. Derek Shakabpa, Judith M. Slowly, David Acevedo, Lenel Hickson, Jr., Stephen J. Obie, and Vincent McGonagle.