An Ann Arbor man has pleaded guilty to defrauding investors out of more than $2.7 million via a commodities trading system that falsely claimed guaranteed returns and investment protection.
Brian Mitchell, 43, pleaded guilty on Friday, June 12, to one count of wire fraud in federal court.
Mitchell admitted in court to scamming many investors by making false statements regarding the security, profitability, and usage of their money.
Prosecutors claim Mitchell solicited investments through Young Pros Investment Group, or YPIG, and My Nest Egg.
Mitchell admitted that he frequently assured investors that their principal investments were safe and guaranteed, that they would earn precise returns, and that they may withdraw monies at set intervals.
Federal authorities claimed that those statements were false.
After suffering huge trading losses, Mitchell proceeded to misinform investors about the condition of their assets.
Among the fraudulent representations, Mitchell claimed that the Commodity Futures Trading Commission, or CFTC, had seized assets he described as backup funds designed to preserve investor cash.
Prosecutors said Mitchell’s actions persisted despite a previous settlement agreement with the CFTC for Commodity Exchange Act crimes between January 2018 and January 2019.
Mitchell was forbidden from participating in commodities futures trading, as well as soliciting or accepting investor funds, for three years under the terms of the agreement.
Despite the ban, Mitchell acknowledged to soliciting investments, accepting funds, and trading commodity futures on behalf of third-party investors.
He also failed to inform those investors of the trading prohibition, according to authorities.
As part of his guilty deal, Mitchell agreed to pay $2.7 million in reparations to victims.
Federal authorities are encouraging more possible victims to come forward. An FBI victim assistance form can be used to submit information about the inquiry.
Mitchell is due to be sentenced on October 7, 2026.
He faces a maximum of 20 years in federal prison.
The FBI investigated the matter.
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