Cincinnati man arrested on Vanderburgh County felony commodity fraud charges
FOR IMMEDIATE RELEASE
May 24, 2010
Robert Kyle Buchanan charged with selling unregistered commodity contract
INDIANAPOLIS – An investigation by Indiana Secretary of State Todd Rokita’s Prosecution Assistance Unit has led to the arrest of Robert Kyle Buchanan of Cincinnati by the Indianapolis Metropolitan Police Department for three felony violations of the Indiana Commodity Code. The charges filed by the Vanderburgh County Prosecutor’s Office allege that Buchanan sold an unregistered commodity contract, acted as an unregistered commodity merchant, and committed fraud within the transaction, all of which are C felonies.
“Before making an investment, Hoosiers should learn as much as possible about the person offering the investment,” said Secretary Rokita. “Hoosiers should research the person’s work history, licensing status and any disciplinary actions. Hoosiers can investigate the investment and the person offering the investment at www.indianainvestmentwatch.com.”
According to the probable cause affidavit, Buchanan did business as Buchanan Trading. Buchanan allegedly promised his victim that he could take $10,000 and turn it into $1 million in one year. Buchanan allegedly sold a commodity contract to his victim, a Vanderburgh County woman, claiming she would receive a return. The victim wrote a check to Buchanan Trading for $10,000, intending to start a commodity trading account.
According to court documents, Buchanan and Buchanan Trading were not registered to sell commodities in Indiana. According to the National Futures Association, which handles the licensing and registration for the federal Commodity Futures Trading Commission, Buchanan and Buchanan Trading have never been registered with the NFA and the CTFC.
The counts described are allegations. Buchanan is presumed innocent until proven guilty.
For more information on how to avoid becoming a victim of investment fraud, visit www.IndianaInvestmentWatch.com.
About the Prosecution Assistance Unit
In 2004, Indiana Secretary of State Todd Rokita created the Prosecution Assistance Unit within the Securities Division of the Secretary of State’s Office. Its sole purpose is to assist police and prosecutors in investigating and prosecuting criminal violations of the Indiana Securities Act and the Indiana Loan Brokers Act. The investigators and attorneys in the unit collectively have over 72 years of experience in investigating and prosecuting criminals. Since its inception, the Unit has helped to convict 48 criminals in state and federal courts across Indiana in cases that have resulted in over 300 years of time sentenced. In addition, courts have ordered defendants to pay over $29.9 million in restitution to crime victims.
Media Contact: Jim Gavin, 317.233.8655, email@example.com