Federal Court In Florida Orders K.B. Concepts Group, LLC And Kelvin Burgos To Pay More Than $486,300 In Disgorgement And A Civil Monetary Penalty For Engaging In Illegal, Off-Exchange Precious Metals Transactions

The U.S. Commodity Futures Trading Commission (CFTC) announced that Judge Cecilia M. Altonaga of the U.S. District Court for the Southern District of Florida entered a final Order of Default Judgment (Order) against Defendants Kelvin Burgos and his company K.B. Concepts Group, LLC d/b/a Apex Asset Advisors, LLC (K.B. Concepts) for engaging in illegal, off-exchange precious metals transactions. Burgos, a resident of Florida, was the owner and principal of K.B. Concepts, which operated its metals business under the name Apex Asset Advisors, LLC. The Court’s Order stems from a CFTC civil enforcement action filed against the Defendants on September 20, 2016 (see CFTC Complaint and Press Release 7448-16).