Infinity Q Founder Fined $2M by CFTC, No Restitution

Founder James Velissaris ordered to pay penalty, but judge denies disgorgement and restitution requests as duplicative of criminal case.

Mar. 31, 2026 at 9:10pm

Got story updates? Submit your updates here. ›

A high-contrast, black-and-white close-up photograph of a complex financial mechanism, with gears, levers, and dials, conceptually representing the inner workings and infrastructure of the financial system.The CFTC's limited options to recover funds beyond the criminal case suggest the challenges regulators face in fully holding executives accountable for financial fraud.NYC Today

Infinity Q Capital Management founder James Velissaris, currently serving a 15-year prison sentence for fraudulently inflating investment fund assets, was ordered to pay a $2.2 million civil penalty to the Commodity Futures Trading Commission. However, the judge denied the CFTC's request for disgorgement and restitution, ruling they were duplicative of payments already ordered in the parallel criminal case against Velissaris.

Why it matters

The Infinity Q case highlighted the challenges regulators face in holding executives accountable and recovering funds for defrauded investors, even when criminal charges are brought. This ruling suggests the CFTC may have limited options to pursue additional penalties beyond what's already ordered in the criminal proceedings.

The details

In the civil case, the CFTC had sought disgorgement of ill-gotten gains and restitution for investors harmed by Velissaris' scheme to inflate the value of Infinity Q's investment funds. However, the judge ruled these requests were duplicative of the $22 million forfeiture order already imposed in the criminal case against Velissaris.

  • Velissaris is currently serving a 15-year prison sentence after pleading guilty in the criminal case.
  • The $2.2 million civil penalty was ordered on March 31, 2026.

The players

James Velissaris

Founder of Infinity Q Capital Management, currently serving a 15-year prison sentence for fraudulently inflating investment fund assets.

Commodity Futures Trading Commission (CFTC)

The U.S. federal agency that regulates the commodity futures and options markets.

Judge Jessica G. L. Clarke

The judge overseeing the CFTC's civil case against Velissaris.

Got photos? Submit your photos here. ›

The takeaway

This case highlights the challenges regulators face in fully holding executives accountable and recovering funds for defrauded investors, even when criminal charges are brought. The ruling indicates the CFTC's civil penalties may be constrained by parallel criminal proceedings.