A Michigan resident, identified as Mitchell of Ann Arbor, pleaded guilty to wire fraud after admitting to a commodities trading investment scheme that cost third-party investors more than $2.7 million; he acknowledged false guarantees, hid trading losses, violated a prior CFTC settlement and faces restitution and possible prison time.
Mitchell, 43, entered a guilty plea last week to wire fraud for running a multi-million-dollar scheme that misled investors about how funds would be handled and protected. Prosecutors say his actions produced losses exceeding $2.7 million and involved repeated misrepresentations about the safety and returns of investor capital.
He solicited money through entities including “Young Pros Investment Group” (“YPIG”) and “My Nest Egg,” representing investor principal as protected and even “guaranteed.” The complaint details that Mitchell promised set earnings and specific liquidity dates, then failed to deliver when trading went bad.
When losses mounted, investigators say Mitchell lied about why those guarantees no longer existed and blamed the Commodity Futures Trading Commission by falsely claiming the CFTC had seized so-called “back-up money.” Those false explanations prolonged the scheme and kept investor funds tied up while the deception continued.
Mitchell had previously entered a settlement with the CFTC over Commodity Exchange Act violations tied to activity from January 2018 through January 2019. That earlier settlement included a three-year bar on participating in commodity futures trading or soliciting funds for that purpose.
Despite the trading bar, Mitchell is accused of continuing to solicit, accept, and trade third-party funds in commodity futures without disclosing his disqualification to investors. He admitted in court that his conduct violated the prior settlement and the regulatory rules of the Commodity Exchange Act.
As part of the plea deal, Mitchell agreed to pay restitution of $2.7 million to his victims, and sentencing is scheduled for October 7, 2026 at 2:00 pm before United States District Judge Laurie J. Michelson. If convicted at sentencing, Mitchell faces up to 20 years in prison under the charges filed.
The FBI weighed in with a formal statement on the case: “The FBI refuses to let scammers get away with perpetually stealing from and betraying hardworking Americans. This scheme caused significant financial harm to investors who placed their trust in the defendant, and today’s guilty plea is another reminder that those who commit these crimes will be held accountable,” said Jennifer Runyan, Special Agent in Charge of the FBI Detroit Field Office. “I am grateful for the exceptional work of our FBI Ann Arbor Resident Agency, whose meticulous investigative efforts were critical to bringing financial justice to the victims of his crimes.”
The matter was investigated by the Federal Bureau of Investigation, and the prosecution is being handled by Assistant United States Attorney Andrew J. Yahkind. United States Attorney Jerome F. Gorgon, Jr. joined the announcement alongside Special Agent in Charge Jennifer Runyan from the FBI’s Detroit office.
Victims and anyone with information were directed to contact the FBI; the designated intake form referenced by authorities is accessible at https://forms.fbi.gov/victims/YPIG-MyNestEggVictims. The case underscores how quickly promised protections and guarantees can evaporate when trades go wrong and operators choose deceit over transparency.
Regulatory settlements, trading bars, and civil penalties rarely stop determined fraud when individuals ignore the rules, and this prosecution illustrates that prior discipline does not grant immunity from criminal charges. The restitution term aims to claw back losses for victims, but criminal sentencing will determine whether prison time, beyond financial repayment, is imposed for the scheme.
