A financial advisor in New York City has been accused by the CFTC of running a fraudulent commodity pool.

Wayne Pennoyer Weddington III and his companies, Brunswick Capital and Brunswick Capital Partners, were charged in an enforcement action filed by the Commodity Futures Trading Commission on Friday.

Weddington set up a commodity pool in 2007 for trading E-mini S&P 500 futures contracts and sought a registration exemption from the agency, claiming he and his companies were registered with another regulator and the commodity transactions were incidental to the pool, according to the CFTC.

In addition, the CFTC charged the operator bogusly claimed in marketing to institutional investors that the pool had made profits each month between February 2010 and July 2011 thanks to an algorithmic trading system. In reality, the pool lost money virtually every month during that period, according to the CFTC.

The CFTC is seeking civil monetary penalties, trading and registration bans against Weddington and a permanent injunction against him from making the same alleged violations of the federal commodities laws again.