Mundelein Trader Richard Carter Sentenced to 32 Months for Faking $6.1 Million in Blue Guru Trading Statements

Case from 2018–2020 (U.S. Attorney's Office release: March 16, 2018; later developments are from court records and other sources cited below). Published on Scammers.com Oct. 16, 2026; case status is current as of that date.

Richard D. Carter, a Mundelein, Illinois, trader at Blue Guru Trading LLC, was sentenced in March 2020 to 32 months in federal prison for defrauding investors, according to the court docket [2]. He had pleaded guilty to wire fraud on Aug. 27, 2019. Separately, the CFTC obtained a $2.5 million consent judgment against him [3].

How the scheme worked

According to prosecutors and the CFTC [1] [3]:

1. The pitch: Carter told clients Blue Guru's proprietary futures trading model was profitable. The CFTC said he promised 8% a year plus half of net trading profits.
2. Fake clearinghouse statements: The criminal complaint said he sent statements purportedly from clearinghouse Straits Financial showing the firm held more than $6.1 million, when he knew it held only $9,000 of investor money.
3. Misappropriation: The CFTC's order found he misappropriated $586,674, ignored withdrawal requests and lied about why money couldn't be paid out. Less than two-thirds of the $1.76 million raised was used for trading.

The person sentenced

Richard D. Carter, of Mundelein, Ill. (49 when charged) [1]

• Arrest (March 13, 2018): charged by criminal complaint with wire fraud; released on a $50,000 unsecured bond.
• Indictment: he pleaded not guilty on May 29, 2018, to six counts [2].
• Plea (Aug. 27, 2019): pleaded guilty to Count 3 (wire fraud).
• Sentence (March 2020): 32 months in prison, imposed by U.S. District Judge Sharon Johnson Coleman; judgment entered March 13, 2020. An amended judgment on June 19, 2020, set three years of supervised release.
• CFTC case: On Jan. 8, 2020, a consent order required him to pay $838,642 in restitution and a $1,760,022 civil penalty, and banned him from trading and registration [3].
• Investigation: FBI Chicago, with help from the CFTC.

Red flags

• Account statements forwarded by the trader instead of coming directly from the clearing firm.
• Unregistered commodity pools promising fixed returns plus a profit share.
• Excuses when you ask to withdraw.

What to do if you're targeted

1. Verify pool operators on the NFA's BasicNet.
2. Call the clearing firm directly to confirm balances.
3. Report suspected commodity pool fraud to the CFTC at 866-366-2382 or cftc.gov/complaint.

Case status (as of Oct. 16, 2026)

Defendant	Court	Status as of Oct. 16, 2026	Source
Richard D. Carter, Mundelein, Ill.	N.D. Ill. (Judge Coleman), No. 1:18-cr-00154	Pleaded guilty Aug. 27, 2019; sentenced March 2020 to 32 months; CFTC consent order Jan. 8, 2020	[1]-[3]

We have not found a source on any proceedings after 2020.

Sources

1. U.S. Attorney's Office, Northern District of Illinois, "North Suburban Trader Facing Federal Criminal Charge for Allegedly Defrauding Investors," March 16, 2018. https://www.justice.gov/usao-ndil/pr/north-suburban-trader-facing-federal-criminal-charge-allegedly-defrauding-investors
2. CourtListener, docket for United States v. Carter, No. 1:18-cr-00154 (N.D. Ill.). https://www.courtlistener.com/docket/6637700/united-states-v-carter/
3. U.S. Commodity Futures Trading Commission, Release No. 8102-19, "CFTC Obtains $2.5 Million Judgment for Fraudulent Solicitation and Misappropriation of Funds From Commodity Pool Participants," Jan. 10, 2020. https://www.cftc.gov/PressRoom/PressReleases/8102-19

---

Corrections and updates: If you are named in this article, or represent someone who is, and believe anything here is inaccurate or out of date (including a dismissal, acquittal, or change in case status), please contact us at editorandchief@scammers.com. We will review it and update the article promptly.