Hunter Wise Commodities
| Company type | Private |
|---|---|
| Industry | Precious metals trading, finance |
| Founded | 2007 |
| Headquarters | Spring Valley , United States |
Key people | Fred Jager (CEO), Harold Edward Martin (President and COO) |
| Products | Precious metals trading, back office accounting support services |
Hunter Wise Commodities, LLC operated as a private wholesale trader and financier specializing in precious metals, headquartered in Spring Valley, Nevada, with a secondary office located in Irvine, California. The firm also offered back office accounting support services.
Established in 2007, the enterprise comprised fully owned subsidiaries such as Hunter Wise Credit, LLC, Hunter Wise Trading, LLC, and Hunter Wise Services, LLC. Leadership included Fred Jager as chief executive officer and Harold Edward Martin holding the roles of president and chief operating officer.
Litigation
Hunter Wise initiated a declaratory judgment action in September 2012 within the U.S. District Court for the Northern District of Illinois to affirm its adherence to the Commodity Exchange Act (CEA), including provisions amended by the Dodd–Frank Wall Street Reform and Consumer Protection Act.
Subsequently, in December 2012, the Commodity Futures Trading Commission brought a lawsuit against Hunter Wise in the U.S. District Court for the Southern District of Florida, accusing the company of illegal conduct. Hunter Wise refuted these claims, contending that the CFTC had overstepped its regulatory authority and inaccurately portrayed their business dealings.
On February 25, 2013, the Southern District Court imposed an asset freeze on all holdings of Hunter Wise and set a trial date for February 2014.
By May 22, 2014, the court ruled that Hunter Wise Commodities along with its affiliated entities and executives Fred Jager and Harold Edward Martin Jr. engaged in fraudulent activities affecting thousands of retail investors. The judgment mandated payment of $52.6 million in restitution plus $55.4 million in civil fines.