Jay Grossman, a Florida-based attorney, settled an enforcement action brought by the Commodity Futures Trading Commission related to his alleged aiding and abetting of multiple clients in their operation of illegal precious metal schemes for retail clients. These firms included Hunter Wise Commodities, LLC and related entities. (Each of the firms assisted by Mr. Grossman previously has been subject to orders by federal courts finding that their precious metals transactions violated applicable law.) Among other matters, the CFTC charged that Mr. Grossman “helped defraud retail customers by preparing documents, including account agreements … that he knew would deceive customers throughout the lifecycle of their retail commodity transactions.” (Click here for additional details regarding the CFTC allegations in the article “CFTC Sues Lawyer in Federal Court for Aiding and Abetting Clients’ Legal Violations” in the September 14, 2014 edition ofBridging the Week.) Mr. Grossman settled his action with the CFTC by agreeing to pay a fine of US $150,000 and restitution of US $733,000. However, Mr. Grossman’s obligation to pay restitution will be reduced by any amount of the US $733,000 his insurance carrier pays to the corporate-appointed receiver for Hunter Wise to settle a lawsuit she brought in September 2014. In that lawsuit, the receiver claimed that Mr. Grossman engaged in legal malpractice when he provided advice to the Hunter Wise entities when he never fully understood their business and failed to base his advice in any case on changed developments in law that made the conduct of their business illegal. (Click here to access the complaint in the lawsuit Damian v. Grossman filed in the United States District Court, Southern District of Florida.)