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Open Range Trading System, and other ancillary trading services that they marketed and sold to clients. Nassbridges, and his companies, American Bullion Exchange ABEX Corp. Citibank, HSBC, JPMorgan, RBS, and UBS attempted to manipulate foreign exchange benchmark rates. The CFTC ordered Summit Energy Services, Inc. New York, New York. Gramalegui of Vail, Colorado, for fraud, making false statements to the CFTC, failing to make required advertising disclosures, and violating a prior CFTC administrative order. The CFTC has filed charges against Virginia resident Tracy Lee Thomas and his firm based in the Cayman Islands Marbury Advisors Inc. Ponzi scheme involving at least 11 investors. Peregrine Financial Group, Inc.

Commodity Exchange Act, as charged. The order stems from a CFTC Complaint filed in May 2014 charging Spain and his company with violating the Commodity Exchange Act by these illegal transactions. Irina Feldman, Cindium Inc. The Commission will always act to address those threats to the markets it regulates. CFTC as a Commodity Trading Advisor, and failing to produce books and records to the agency. Robert Escobio and Loreley Overseas Corp.

The amendments also make changes to other key areas, such as whistleblower eligibility requirements, and make clear that, with limited exceptions, a whistleblower may receive an award in a Covered Action, a Related Action, or both. Naples, Florida, and Marbury Advisors Inc. The order was entered by the United States District Court for the Southern District of New York. OTC Investments LLC and Forex Currency Trade Advisors, LLC. New York Mercantile Exchange over a period spanning more than three years. Davisco Foods International, Inc. Treasury futures markets while trading for Citigroup Global Markets Inc. District Court for the Southern District of Florida entered final default judgments against Relief Defendants Westward International Ltd. McCabe, a resident of Sunny Isles, Florida, and his company, WorldPMX, Inc.

Chicago, Illinois, for engaging in illegal wash sales in order to generate rebates of exchange fees based upon increased trading volumes. Credit Suisse International for violating speculative position limits for wheat futures and by Credit Suisse Securities LLC for submitting false or misleading information to the CFTC. District Court for the Northern District of Illinois entered a consent order requiring Matthew Marcus of California and his company, Tech Power Inc. The CFTC previously filed and settled charges against MFGI for misuse of customer funds and related supervisory failures in violation of the Commodity Exchange Act and CFTC Regulations. The CFTC filed a civil enforcement Complaint against attorney Jay Bruce Grossman, who practices law in Fort Lauderdale, Florida, alleging that beginning on July 16, 2011, Grossman willfully aided and abetted multiple clients in their operation of illegal and fraudulent precious metals schemes, in violation of the Commodity Exchange Act. Hallandale Beach, Florida, and its sole owner Jordan Cain of Miami, Florida. The CFTC ordered Anthony Lauria and his company, Gold Coast Bullion, Inc. The CFTC settled charges against TeraExchange LLC for failing to enforce its prohibition on wash trading and prearranged trading. Revelation Forex Fund, LP. District Court for the Central District of California entered an emergency restraining order freezing assets and prohibiting the destruction or concealment of books and records of defendants Christopher Valois, Cynthia Wong, and their companies, Bertram Trade LLC and Churchhill Commodities Trading LLC, all of Orange County California.

CFTC charges of manipulation, attempted manipulation, and false reporting of LIBOR and Euribor. RFF GP, LLC and KGW Capital Management, LLC, in a scheme that fraudulently solicited participants in a foreign currency exchange pool named Revelation Forex Fund, LP. CFTC as a Commodity Trading Advisor. The CFTC Order found that between May 2011 and October 2014, Davisco accepted orders from its milk suppliers for the purchase and sale of CME Class III Milk futures contracts and executed those orders on behalf of the suppliers in its own trading accounts. Forex options fraud and misappropriation. ISDAFIX benchmark swap rates. American Portfolio Asset Management, Inc. Kansas City Energy Group.

Citigroup, and the absence of a history of prior misconduct. This conduct occurred between January 2007 and March 2012. Derivabit and its chief executive officer Francisco Riordan for conducting activity related to commodity options transactions without complying with the Commodity Exchange Act and CFTC Regulations. January 1, 2010 through April 2013. Agrocorp International Pte Ltd. Preliminary Determination before the CFTC issues a Final Determination. Peak Capital Management Group, Inc. Nevada company doing business in Pleasant Grove, Utah. Also, the court entered a supplemental Order on June 16, 2017, that permanently bans Defendants from trading for themselves or on behalf of any other person or entity.

The judge set a hearing date for February 12, 2015. District Court for the Southern District of Florida ordered Worth Group Inc. The CFTC previously had filed a complaint charging the defendants with fraud in connection with their solicitation of customers for their foreign currency and options trading pools, misappropriation of customer funds, and their issuance of false statements and registration violations. Georgia limited liability company, for misappropriating commodity pool funds, fraudulent misrepresentations, commingling pool funds, and acting as an unregistered commodity pool operator. The CFTC ordered Australia and New Zealand Banking Group Ltd. The form requires trading companies to report its call cotton purchases and sales when it held or controlled at least one hundred cotton futures positions. Klatch is a repeat offender who was previously subject to criminal and civil suits related to similar financial schemes. Texas limited liability company, The Toole Group Inc.

Palos Verdes Estates, California, and their company, United Business Servicing, Inc. District Court for the Southern District of Florida has entered an order of default judgment against defendants Gold Distributors, Inc. Einstein Exchange Group Inc. In parallel criminal actions, Andres and Holloway were indicted on multiple counts of wire fraud. Otkritie Capital International, Ltd. CFTC to evaluate potential market risks and monitor compliance with CFTC requirements. Garcia, and his companies, DG Wealth Management, Macroquantum Capital LLC, and UKUSA Currency Fund LP, all of Naples, Florida. Concepts, which operated its metals business under the name Apex Asset Advisors, LLC.

The CFTC filed a complaint in the Southern District of New York charging Deutsche Bank AG with multiple swap reporting violations, failing to supervise its employees responsible for swap data reporting, and violating a prior CFTC order. Goldman was additionally ordered to cease and desist from further violations and take specified remedial steps. Harvard International Trading, Inc. The CFTC Complaint charges Defendants Williams and WAG with commodity futures fraud and Williams with commodity pool fraud and failure to register as a commodity pool operator. If you believe you have information about commodities fraud, please click here to contact one of our experienced attorneys. CFTC as Commodity Pool Operators. One important feature of this legislation was the establishment of a CFTC whistleblower program.

Hall of Reidsville, North Carolina for registration violations and failure to include certain required disclosures on his website. Neither Defendant has ever been registered with the CFTC. National Futures Association in connection with its investigation of the alleged fraud. Live Cattle futures contract traded on the Chicago Mercantile Exchange. Magee and Dalyne Rae Magee, also both Calgary residents, with acting as Associated Persons of Ryan Magee, without being registered with the CFTC, as required. Newport Beach, California, and his company, The Tulving Company, Inc. Golden Agri International Pte Ltd. CFTC in their notices of exemption from registration and for engaging in foreign currency solicitation fraud.

The CFTC Ordered Absa Bank, Ltd. The CFTC ordered Cypress Wealth Management, Inc. Klatch II, Lindsey Heim, and Assurance Capital Management were charged with fraud, misappropriation, and the issuance of false statements in connection with a commodity pool they operated. The CFTC filed a civil enforcement complaint in the District Court for the Northern District of Illinois against Kraft Foods Group, Inc. CFTC Staff Advisory No. District Court for the Northern District of Illinois against Nav Sarao Futures Limited PLC and Navinder Singh Sarao for price manipulation and spoofing. Magee of Calgary, Alberta, Canada, with fraud and also with acting as a Commodity Pool Operator, without being registered with the CFTC, as required. Dollar International Swaps and Derivatives Association Fix, a global benchmark for interest rate products. Obligation of Reportable Market Participants to File CFTC Form 304 Reports for Call Cotton in a Timely Manner as Required by Commission Regulation 19. Dollar International Swaps and Derivatives Association Fix. The Yorkshire Group, Inc.

Bryant Family Investment Fund LLC. According to the CFTC Complaint, between February 2012 through at least January 2016, the defendants allegedly fraudulently offered contracts to sell gold to at least 20 customers. Oystacher and his proprietary trading company, 3 Red Trading LLC, both of Chicago, Illinois, charging the defendants with spoofing and employment of a manipulative and deceptive device while trading futures on four different futures exchanges. Mini Dow futures contracts. Specifically, the Complaint charged MF Global with unlawfully using customer segregated funds to support its own proprietary operations and the operations of its affiliates. The CFTC sued North American Asset Management, LLC of Fort Lauderdale, Florida; its owner and president Alexi Bethel of Miami, Florida; and its owner and managing director Steven Labadie of Lake Worth, Florida. The CFTC has charged Safety Capital Management, Inc. Vasquez of Arden, North Carolina, and his company Vasquez Global Investments, LLCfor defrauding participants in a commodity pool commonly known as the Vasquez pool. Frank Wall Street Reform and Consumer Protection Act.

The CFTC settled charges against Zulutrade, Inc. Siegel of Northfield, New Jersey, for misappropriating funds and other violations. The CFTC Order finds that Liew acted individually and in coordination with traders at Financial Institution 1 and with a trader at another large financial institution. District Court for the Southern District of Florida ordered International Monetary Metals, Inc. The amended rules establish a claims review process which will utilize a Claims Review Staff, in place of the Whistleblower Award Determination Panel, to consider and issue a Preliminary Determination as to whether an award claim should be granted or denied. The CFTC has filed a federal complaint against Daniel Shak of Las Vegas, Nevada for violating an administrative Order entered by the CFTC on November 25, 2013. Steele was misappropriating the majority of their funds, all in violation of Section 4b of the Commodities Exchange Act. CPO without registering with the CFTC, as required, and for providing monthly statements to pool participants that failed to show all the information required by Commission Regulation.

CEA and CFTC regulations. TRADE Securities did not preserve and maintain certain audit trial logs for their customers. North Hills LP and misappropriating customer funds. CFTC charges that he attempted to manipulate settlement prices of NYMEX palladium and platinum futures contracts. Ponzi scheme through his firm, QFC, LLC, from February 2010 through at least July 2013 and alleging millions of dollars in fraud. The Order also imposes permanent trading and registration bans against Guardian and Kurzbard and prohibits them from further violating the Commodity Exchange Act, as charged. An earlier Consent Order of the Court, entered on May 5, 2014, imposed a permanent trading and registration ban against Scott and prohibits him from violating provisions of the Commodity Exchange Act and CFTC regulations.

Posen traded from home for his own account and was not employed by any corporate entity, according to the Order. The fraudulent representations were made by David Zier who solicited Convergent clients for investment in his company ZAM LLC. Futures Commission Merchant with the CFTC. The CFTC has issued a cease and desist order against Coinflip, Inc. The CFTC has settled charges against IBFX, Inc. Additionally, the Complaint alleges that Powderly created false account statements for his trading account and sent them to his customers in order to conceal his trading losses. The CFTC also brought and settled charges that Lloyds aided and abetted the attempts of derivatives traders at Rabobank to manipulate Yen LIBOR.

Judge Victor Marrero of the United States District Court for the Southern District of New York. The CFTC ordered BNP Paribas Securities Corp. James McDonald, the Director of the Division of Enforcement. Wilkinson and his entities ran a commodity pool and were accused of misappropriating pool funds, fraudulently soliciting pool participants, issuing false statements to customers, and providing false financial information the National Futures Association. The CFTC has revoked the registrations of SAC LLC and SAC LP for convictions upon guilty pleas to felony charges of wire fraud and securities fraud. The unlawful conduct occurred between July 2011 and December 2012. The CFTC released its annual enforcement results for FY 2016. CFTC or the whistleblower may now bring an action against an employer for retaliation against a whistleblower. Sentinel Management Group, Inc.

The CFTC settled charges against Rosenthal Collins Group, LLC for failing to supervise an Associated Person and for failing to provide and maintain an adequate program of supervision over trading. The CFTC obtained a Consent Order of Permanent Injunction that bars Australian firm Halifax Investment Services, Ltd. District Court for the Northern District of Illinois, charging Defendant Thomas Gillons of Napa County, California, with fraud and acting as a Futures Commission Merchant without being registered. Grand Rapids, Michigan, failed to comply with minimum financial requirements for FCMs and RFEDs. Toronto, Canada for secured amount deficiency, commingling of customer funds, and failure to timely report secured amount deficiency. Republic of China, and Kering Capital Ltd. The CFTC has obtained a federal court order of default judgment against defendant Financial Robotics, Inc.

GFF for its violations. Defendant Kering Capital Ltd. Carlos Javier Ramirez and his companies, Gold Chasers, Inc. Marcus of California and his company, Tech Power, Inc. Van Beuningen of Brookhaven, Georgia, and his company, DeBrink Trading Fund I, LLC of Atlanta, Georgia, alleging fraud, misappropriation, and issuing false statements in connection with a commodity pool they operated. Futures contracts by misrepresenting his profits and losses and offsetting and masking the losses in his other futures positions. CFTC order regarding his attempt to manipulate the price of crude oil futures contracts on the NYME and violating speculative position limits. The CFTC charged Kimball Parker of Lehi, Utah and his company MakeYourFuture, LLC, as well as Timothy Baggett of Lakeland, Florida and his companies Changes Worldwide LLC and Changes Trading LLC, with fraud and failure to make advertising disclosures regarding a futures trading system they sold to customers.

The reporting violations occurred despite the CFTC notifying JPMS of numerous errors in its reports. The Complaint also charges Powderly with making and providing false and misleading account statements to his customers. District Court for the Southern District of Florida. Johannesburg, South Africa, for executing unlawful prearranged, noncompetitive trades involving corn and soybean futures contracts on the Chicago Board of Trade, a designated contract market of the CME Group. London, and its subsidiary, Olam Americas, Inc. Spoofing is bidding or offering with the intent to cancel the bid or offer before execution. Simmons with soliciting clients to open managed futures trading accounts without being registered with the CFTC as an Associated Person of a Commodity Trading Advisor. JPMorgan Ventures Energy Corp. Additionally, Oden and his company failed to properly operative their respective pools in accordance with regulatory requirements.

District Court for the Northern District of Illinois ordered Vault Options, Ltd. The spoofing was done by placing orders in a futures market after a smaller bid was placed on the opposite side of the same or correlated futures or cash market. Wesley Allen Brown and Edward Rubin, with operating a fraudulent commodity pool. CFTC for failing to failure to retain required records and failure to diligently supervise. The CFTC filed a lawsuit charging Maverick International, Inc. Commodity Trading Advisor and for violating certain disclosure rules applicable to such advisors. CFTC Form 304 Reports that show its call cotton purchases and sales, in violation of CFTC Regulation 19. MF Global, to be paid after MF Global has fully paid customers. Order filing and settling charges against Huafu HK Co. Bloom was sentenced to 14 years in prison. Retail Foreign Exchange Dealer, for violating CFTC Regulations by failing to meet the minimum net capital requirements on three separate occasions, failing to timely report one of the minimum net capital deficits, and failing to supervise its employees and agents diligently by establishing, implementing, and executing an adequate supervisory structure and compliance programs.

Power North America, Inc. The CFTC ordered CHS, Inc. Considine of Oak Park, Illinois, and his companies, Novo Trading LLC and Considine Trading Corp. United States agency charged with regulating futures and options markets trading in commodities ranging from oil to cotton, corn to pork bellies, and precious metals to foreign currencies. The CFTC has filed an enforcement action against Gary Creagh and Wall Street Pirate Management, LLC, both of New York, for making false, fictitious, or fraudulent statements or omissions to the National Futures Association. Las Vegas court ordered Banc de Binary Ltd. Stein, individually and doing business as TEPdesign, Inc.

Chairman and CEO, Charles Dow McVean, Sr. The Order further permanently bans Posen from trading in any market regulated by the CFTC and from applying for registration or claiming exemption from registration with the CFTC in any capacity. Yadgir settling charges that Yadgir exceeded speculative position limits in live cattle futures contracts and feeder cattle futures contracts. Forex Capital Markets, LLC was charged with undercapitalization, failure to timely report that undercapitalization violation, and guaranteeing against customer losses. The CFTC obtained an emergency court Order freezing and preserving the assets under the control of Cindy and Paul Vandivier and their company, Mintline, Inc. CFTC charges of submitting inaccurate reports to the CFTC relating to the required reporting of positions held by certain large traders whose accounts are carried by JPMS. For markets to have integrity, market participants must be able to trust that the markets operate free of manipulative or deceptive conduct.

Chicago Board of Trade and wheat futures contracts on the Kansas City Board of Trade. July 2011 to at least April 2013. Beatty of Roy, Utah, individually and doing business as Peak Capital Group, Inc. Marshall Islands business entity; CIT Investments Ltd. Commodity Exchange Act and CFTC Regulations. MF Global when the company failed in 2011.

The CFTC issued an Order filing and simultaneously settling charges against financial services company FirstRand Bank, Ltd. Cohen of Greenwich, Connecticut was issued a notice of intent to revoke, suspend or place restrictions on his registration by the CFTC for failing to adequately supervise an employee to ensure that employee was not engaged in insider trading. United States to meet all of its obligations to cleared swaps customers. The CFTC has filed a federal complaint against International Monetary Metals, Inc. Commodity Exchange Act, and to adhere to specific undertakings to ensure the integrity of LIBOR submissions in the future. Giovannetti, all of Orlando, Florida, in a case involving an alleged fraud scheme. By using these straw purchasers, McVean and Wharton were able to control substantial portions of the market without disclosing that control, which caused other market participants, including live cattle traders with open short positions, to see wider market interest, participation, and fragmentation on the long side of the market than actually existed.

The CFTC has charged Hannes Tulving, Jr. McVean and Wharton intentionally or recklessly used a manipulative or deceptive device to inject false information into the market, which had the potential to affect the live cattle futures market. The CFTC filed a civil injunctive action against Oakmont Financial, Inc. Pennoyer International Funds Global Opportunity. National Futures Association regarding their trading practices. That includes cases like this one, where market participants try to game the markets by injecting false information, which distorts the view of that market seen by other participants. MF Global Holdings Ltd. CNCGC Hong Kong Ltd. The CFTC has charged Husam Tayeh of Oak Lawn, Illinois, as well as Nevada corporations Dinar Corp. The CFTC filed a complaint against eFloorTrade, LLC and its majority owner and sole principal John Moore, charging them with record keeping and supervision failures and charging Moore with making false and misleading statements of material fact, or omitting material facts, in sworn testimony before the CFTC.

The CFTC have filed a lawsuit against Harvard Assets LLC, London Assets Inc. The amended Complaint follows a CFTC complaint against them filed in September 2013. Ellis of the United States District Court for the Northern District of Illinois. Light Sweet Crude Oil futures contract spreads from January 2008 to April 2008. Futures International LLC and its Chief Operating Officer Amedeo Cerrone of St. Hunter from certain trading activities or registering with the CFTC over allegations that Hunter attempted to manipulate the price of natural gas futures contracts traded on the NYMEX. Moreover, according to the Complaint, in the course of soliciting retail forex customers, Tallinex made fraudulent misrepresentations and omissions of material fact and engaged in fraudulent and deceptive business practices. CNCGC also filed its Form 304 reports late on two occasions.

Below are summaries of the most recent enforcement actions litigated by the CFTC. CFTC also pursued litigation in over one hundred cases. Joseph Charles DiCrisci and Oakmont Financial Inc. Hong Kong, for failing to file CFTC Form 304 reports, reporting its call cotton purchases and sales when it held or controlled at least 100 cotton futures positions. An Illinois federal court has ordered Charles Mosley, a former senior vice president at Sentinel Management Group, Inc. The CFTC has settled charges against Friedberg Mercantile Group, Inc. Exchange for Related Position trades. British Virgin Islands company, with fraud, engaging in fictitious transactions, and trading noncompetitively in violation of the Commodity Exchange Act and CFTC regulations. June 2013 complaint charging MF Global with unlawful use of customer funds.

RBOB gasoline futures on the New York Mercantile Exchange. Alexander Glytenko and his company, Direct Investment Products, Inc. The CFTC Order found that between 2009 and at least 2014, the companies engaged in false and misleading solicitations of retain forex customers by concealing relationships with important market makers and misrepresenting conflicts of interest. The CFTC ordered Deutsche Bank Securities Inc. Introducing Broker located in Piraeus, Greece, for failure to diligently supervise activities relating to its business as a CFTC registrant. District Court for the Southern District of Florida ordered Harvard Assets LLC, London Assets Inc. The Order also imposes permanent trading and registration bans and prohibits Defendants from further violations of the Commodity Exchange Act, as charged. Global LLC, headquartered in Northfield and Deerfield, Illinois, respectively, for manipulation and attempted manipulation of the prices of cash wheat and wheat futures. The Royal Bank of Scotland engaged in the conduct in order to benefit certain derivatives positions it held that were priced or valued off of the USD ISDAFIX benchmark.

The CFTC ordered JSC VTB Bank, headquartered in St. Advanced Trading Workshop, Inc. Judge Virginia Kendall of the United States District Court for the Northern District of Illinois. Royal Leisure International, Inc. Futures Commission Merchant, for improper supervision and records violations. The CFTC announced that a trial against Robert Escobio of Miami, Florida, and his companies Southern Trust Metals, Inc. Valley Village, California, a worldwide web of companies he controlled, including CIT Investments LLC, a Nevada limited liability corporation; Brevspand EOOD, a Bulgarian business entity; CIT Investments Ltd. This whistleblower program encourages those with knowledge of violations of the commodities laws to share this information with the CFTC by providing both monetary rewards and protection against retaliation by employers. CFTC subpoena and to cease and desist from further violations of CFTC recordkeeping requirements. The amended rules will go into effect 60 days after publication in the Federal Register.