(WLUK) — Robert Narvett, a 57-year-old man from Appleton, has been ordered to pay more than $185,000 in restitution to victims he defrauded in a scheme that spanned more than a decade, according to a new order from the Commodity Futures Trading Commission (CFTC).
Narvett was previously sentenced to 15 years in prison after pleading guilty to one count of wire fraud and one count of money laundering. In addition to restitution, the CFTC permanently barred him from trading or registering with the commission and prohibited him from violating provisions of the Commodity Exchange Act.
Court findings show that between December 2013 and March 2021, Narvett took over $2 million from nearly 70 victims, many of whom were family friends and neighbors. Authorities said he convinced individuals to allow him to manage their commodity futures trading accounts.
Investigators determined that Narvett misappropriated client funds and abandoned investors after losing money through risky trading practices. To attract victims, he allegedly made false and misleading claims about his trading experience and success.
Officials also noted that Narvett failed to disclose that he was not registered as a commodity trading advisor, as required by law, and that he had previously been the subject of a federal court judgment in Wisconsin tied to an earlier fraudulent investment scheme brought by the Securities and Exchange Commission.
Narvett entered his guilty plea in May 2022.
