A federal judge in the Southern District of Florida has signed off on consent orders closing out the Commodity Futures Trading Commission’s claims against two men, Steven Likos and Archie Rice, in a commodity pool fraud case first filed in September 2024. The combined orders require the pair to pay $547,261.38 in disgorgement and civil penalties. The same agency that won the judgment is also the one cautioning that the money may never reach the customers who lost it, a distinction that matters for any older investor treating a court order as proof of a refund.
How Likos and Rice Ended Up in a Miami Courtroom
The case traces back to a complaint the CFTC filed on September 30, 2024, in the U.S. District Court for the Southern District of Florida, naming more than a dozen individuals and companies tied to Traders Domain FX Ltd., Algo Capital LLC and Centurion Capital Group Inc. The agency’s customer alert on the case says it is seeking full restitution to defrauded customers, disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against every defendant found liable. Likos and Rice are both listed defendants in that same civil action, docketed as Case No. 1:24-cv-23745 before Judge Roy K. Altman.
The litigation has been resolving one defendant at a time rather than all at once. In April 2026, the same court entered a consent order against co-defendant John Fortini, an executive tied to Algo Capital, ordering him to pay $1,347,867.56 in disgorgement over the same underlying scheme, following the relief the CFTC had originally requested in its 2024 customer alert on the case. Likos and Rice became the latest names to settle out, with their orders entered and announced by the CFTC on September 9, 2026.
Free retirement updates: Enrollment and claim windows come and go, and missing one can cost real money. The free Retirement Shield newsletter stays ahead of the deadlines that matter. Sign up free.
The $547,261.38 Breakdown
Of the combined figure, Likos was ordered to pay $320,041.38 in disgorgement, while Rice was ordered to pay a separate $227,220 civil monetary penalty. Together those two sums make up the $547,261.38 the CFTC announced on September 9, 2026. Both men also face a permanent injunction against future violations of the Commodity Exchange Act, plus permanent bans on trading and on registering with the CFTC in any capacity, mirroring the bans and injunction the court already imposed on Fortini months earlier in the same case.
Why the CFTC’s Own Warning Matters More Than the Verdict
Disgorgement is not the same thing as a check in the mail. It is a legal order requiring a defendant to surrender money the court finds he improperly obtained; whether that money still exists is a separate question entirely. In Release 9213-26, covering Fortini’s consent order in the same litigation, the CFTC states plainly: “The CFTC cautions that disgorgement orders may not result in victims recovering any money lost because defendants may not have sufficient funds or assets.” That is the same caution the agency has repeated across this case, and it applies with equal force to the newer Likos and Rice orders.
Nothing about a $547,261.38 judgment guarantees any customer sees a dollar of it. If Likos and Rice already spent the money, moved it, or never had it in a form that can be seized, the disgorgement figure remains a number on a court docket rather than funds available for distribution. A permanent trading ban stops these two men from doing this again under CFTC oversight; it does nothing to restore what was already lost.
What a Commodity Pool Actually Promises, and Where the Risk Sits
A commodity pool operator collects money from multiple people and trades it collectively in futures, options or other derivatives, and CFTC rules require that operator to register with the agency, typically through the National Futures Association. The CFTC’s own guidance on checking a firm before trading lists the warning signs regulators see repeatedly in cases like this one: pressure to act quickly, promises of easy money, trading strategies too obscure to explain plainly, and claims of expertise that cannot be independently verified. The pattern the CFTC describes in the Traders Domain-linked cases, including blocked or delayed customer withdrawals, is the kind of red flag the agency tells investors to treat as disqualifying on its own.
Checking a Firm Before Sending Retirement Money
Before wiring money to any person or firm offering to trade futures, forex or commodity pools, the CFTC directs investors to the NFA’s BASIC database to confirm registration, disciplinary history and financial standing. Firms and individuals that solicit U.S. customers without being registered, particularly foreign entities, can also turn up on the CFTC’s Registration Deficient List, a public roster the agency updates from tips and leads. Registration is not a guarantee against fraud, but the CFTC notes that most of the schemes it prosecutes involve entities that were never registered in the first place, which makes the check a five-minute step with an outsized payoff.
The broader case against the remaining Traders Domain-linked defendants is still active. According to the court’s own docket for Case No. 1:24-cv-23745, a September 3, 2026 order extended the deadline for summary judgment motions to November 10, 2026, and terminated the previously scheduled trial date pending that outcome. The Likos and Rice orders close two chapters in a case that, nearly two years after it was filed, is still working through the rest.
This article was produced with the assistance of AI and reviewed by The Financial Wire editorial team.
More Financial Reading
- What really happens to your joint savings account when you die?
- Adding someone to your bank account: tax traps and smart moves
Warren Cohen is a finance writer based in Phoenix, Arizona, covering personal finance topics including credit, banking, and beginner investing. He earned his degree in business administration from Arizona State University and began his career working in consumer finance, where he gained direct experience with lending and credit systems. He now writes for personal finance websites and fintech platforms, focusing on clear, practical content that helps readers make informed financial decisions.
