A Michigan man pleaded guilty last week to to defrauding investors in a multi-million-dollar commodities trading scheme
Mitchell, 43, of Ann Arbor, pleaded guilty to wire fraud and admitted that he defrauded multiple third-party investors, causing a loss of over $2.7 million.
In entering his plea, Mitchell acknowledged that he caused false representations to be made regarding the security, profitability, and use of investor funds. Mitchell used various entities to solicit investor money, including “Young Pros Investment Group” (“YPIG”) and “My Nest Egg.” As part of his scheme, Mitchell made—and caused—repeated misrepresentations that the investor principal was protected against loss and was “guaranteed.”
Mitchell also made and caused misrepresentations that set earnings would occur and that investor funds would be available for return at certain points. After suffering significant trading losses, Mitchell lied to investors about why their investment principal was no longer guaranteed, as he had previously claimed. Mitchell falsely told investors that the Commodity Futures Trading Commission (“CFTC”) had seized assets that he described as “back-up money.”
While executing his fraud scheme, Mitchell entered into a settlement with the CFTC relating to earlier violations of the Commodity Exchange Act that occurred between January 2018 and January 2019.
Under that settlement, Mitchell was barred for three years from engaging in commodity futures trading activity and from soliciting, receiving, and accepting funds for such activity. Despite that ban, Mitchell continued to solicit, accept, and trade third-party investment funds in commodity futures and failed to disclose his trading bar to investors.
Mitchell admitted that his conduct violated his prior settlement agreement with the CFTC and the regulatory requirements of the Commodity Exchange Act.
As part of his plea agreement, Mitchell has agreed to pay restitution of $2.7 million to his victims.
Potential victims are encouraged to contact the Federal Bureau of Investigation at: https://forms.fbi.gov/victims/YPIG-MyNestEggVictims
Sentencing is set for October 7, 2026, at 2:00 pm before United States District Judge Laurie J. Michelson. Mitchell faces up to 20 years’ imprisonment.
“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 case was investigated by the Federal Bureau of Investigation. It is being prosecuted by Assistant United States Attorney Andrew J. Yahkind.
United States Attorney Jerome F. Gorgon, Jr. was joined in the announcement by Special Agent in Charge Jennifer Runyan, Federal Bureau of Investigation, Detroit field office.
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