32 Investors Told the Court to Stop. The Court Did Not Listen.

There is a standard narrative about securities fraud cases: the regulator steps in to protect victims who cannot protect themselves. The victims are grateful. Justice is served.

That narrative does not apply here.

When the CFTC moved to liquidate Rose City Income Fund in 2022, every single investor in the fund filed a formal objection letter with the United States District Court for the Northern District of Illinois. Not some investors. Not most investors. Every investor who submitted a letter opposed the CFTC's actions.

Thirty-two letters. Docket numbers 204 through 243. All public record.

These were not form letters. They were personal statements from real people who had invested their own money, watched it grow, and were now watching a government agency destroy the value they had earned — in their name, without their consent, against their explicit wishes.

They wrote that they had made money. They wrote that they trusted the fund manager. They wrote that the CFTC's intervention was the harm, not the protection. They wrote that they did not want the liquidation. They asked the court to stop.

The mean return for investors in Rose City Income Fund was 303% annualized. $5.9 million went in. $29.3 million came out. Not a single investor lost money.

The court received 32 letters saying this. The court proceeded with the liquidation anyway.

This is the part of the story that the CFTC's press releases do not mention. The agency issued a press release calling this a Ponzi scheme. It did not mention that the people it claimed to be protecting had written to the court to say they did not need protection. It did not mention that every investor made money. It did not mention that its own forensic expert had concluded a Ponzi was mathematically impossible.

The 32 investor objection letters are all available at samikkurty.com. Read them. These are the voices of the people the CFTC claims to have protected. They tell a very different story.