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by Mike Caswell

Ontario's Jonathan Cartu has abandoned his defence of a case in which the U.S. Commodity Futures Trading Commission accused him of defrauding investors through an offshore options scheme that promised returns as high as 85 per cent. The CFTC claimed that he ran call centres that targeted U.S. investors over a period of five years. Mr. Cartu realized at least $9.2-million in gains as call centre employees offered "risk-free trades," according to the CFTC. (All figures are in U.S. dollars.)

Mr. Cartu's withdrawal from the case is contained in a motion that his lawyers filed in federal court in Texas on Dec. 8, 2023. The brief document states that Mr. Cartu has instructed his lawyers to cease representing him and, as a result, they are requesting permission from the judge to remove themselves from the case. In support of the request, they have included an e-mail from Mr. Cartu in which he asks that they cease their efforts, as he no longer intends to defend the case.

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