An Ann Arbor man has pleaded guilty to defrauding investors of more than $2.7 million through a commodities trading scheme that falsely promised guaranteed returns and investment protection.
Brian Mitchell, 43, entered a guilty plea Friday, June 12, to one count of wire fraud in federal court.
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According to court records, Mitchell admitted to defrauding multiple investors by making false claims about the security, profitability, and use of their money.
Prosecutors said Mitchell solicited investments through entities known as Young Pros Investment Group, or YPIG, and My Nest Egg.
Mitchell acknowledged that he repeatedly told investors that their principal investments were protected from loss and guaranteed, and that they would receive specific returns and could withdraw funds at designated times.
Federal authorities said those representations were false.
After suffering significant trading losses, Mitchell continued to mislead investors about the status of their funds.
Among the false statements, Mitchell claimed the Commodity Futures Trading Commission, or CFTC, had seized assets he described as backup funds intended to protect investor money.
Prosecutors said Mitchellās conduct continued despite a previous settlement agreement with the CFTC stemming from violations of the Commodity Exchange Act between January 2018 and January 2019.
Under that agreement, Mitchell was barred for three years from participating in commodity futures trading and from soliciting or accepting investor funds for such activity.
Despite the ban, Mitchell admitted he continued to seek investments, accept funds, and trade commodity futures on behalf of third-party investors.
He also failed to disclose the trading prohibition to those investors, according to prosecutors.
As part of his plea agreement, Mitchell agreed to pay $2.7 million in restitution to victims.
Federal authorities are encouraging additional potential victims to come forward. Information can be submitted through an FBI victim assistance form related to the investigation.
Mitchell is scheduled to be sentenced on Oct. 7, 2026.
He faces a maximum penalty of 20 years in federal prison.
The case was investigated by the FBI.