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Page 22 of 39

February 3, 2017

The Royal Bank of Scotland plc was ordered to pay an $85 million civil monetary penalty by the CFTC for attempting to manipulate the U.S. Dollar International Swaps and Derivatives Associate Fix (“USD ISDAFIX”). 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. This conduct occurred between January 2007 and March 2012. CFTC

Tagged in: Fraud in CFTC-Regulated Markets,

February 1, 2017

Joseph Charles DiCrisci and Oakmont Financial Inc. were ordered to pay more than $2.9 million in disgorgement and a civil monetary penalty by the U.S. District Court for the Southern District of Florida for engaging in illegal, off-exchange precious metals transactions. The court ordered a payment of $735,329 in disgorgement and over $2.2 million in a civil monetary penalty. CFTC

Tagged in: Fraud in CFTC-Regulated Markets, Regulatory Violations,

January 27, 2017

Anthony J. 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. Klatch is a repeat offender who was previously subject to criminal and civil suits related to similar financial schemes. In a parallel litigation arising from the same facts, the U.S. District Court for the Southern District of New York entered a final judgment ordering Klatch to pay $12.9 million. CFTC

Tagged in: Fraud in CFTC-Regulated Markets, Misrepresentations,

January 26, 2017

E*TRADE Securities LLC and E*TRADE Clearing LLC were ordered to pay a $280,000 civil monetary penalty by the CFTC for failing to failure to retain required records and failure to diligently supervise. The CFTC found that between October 2009 and January 2014, E*TRADE Securities did not preserve and maintain certain audit trial logs for their customers. CFTC

Tagged in: Financial Institution Fraud, Fraud in CFTC-Regulated Markets,

January 19, 2017

Citigroup Global Markets Inc. was ordered to pay a $25 million civil monetary penalty for spoofing. Spoofing is bidding or offering with the intent to cancel the bid or offer before execution. The unlawful conduct occurred between July 2011 and December 2012. Citigroup Global Markets conducted the spoofing in U.S. Treasury futures markets. CFTC

Tagged in: Fraud in CFTC-Regulated Markets, Market Manipulation and Trading Violations,

January 17, 2017

CNCGC Hong Kong Ltd. was ordered to pay a $150,000 penalty for failing to file required CFTC Form 304 Cotton On-Call Reports. 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. CNCGC also filed its Form 304 reports late on two occasions. CFTC

Tagged in: Fraud in CFTC-Regulated Markets, Regulatory Violations,

January 11, 2017

J.P. Morgan Securities LLC was ordered to pay a $900,000 civil monetary penalty by the CFTC for failing to diligently supervise its officers’, employees’, and agents’ processing of exchange and clearing fees it charged customers for trading and clearing on the Chicago Mercantile Exchange. The penalty covers the failures from 2010-2014. This is the third action the CFTC has brought over a clearing firm’s supervisory failures over fee processing. CFTC

Tagged in: Fraud in CFTC-Regulated Markets,

January 5, 2017

Jon S. Corzine was ordered to pay a $5 million penalty for his role in MF Global, Inc.’s unlawful use of customer funds through a consent order entered by Judge Victor Marrero of the United States District Court for the Southern District of New York. Corzine was charged with overseeing the misuse of nearly $1 billion in customer funds. Additionally, Edith O’Brien, the former assistant treasurer of MF global was ordered to pay a $500,000 civil monetary penalty for aiding and abetting the violations by MF Global. CFTC

Tagged in: Financial and Investment Fraud, Fraud in CFTC-Regulated Markets,

December 28, 2016

The CFTC filed a civil enforcement action against Brett G. Hartshorn for fraudulently soliciting/managing at least $906,000 to invest in off-exchange foreign currency. Hartshorn is charged with misappropriating at least $57,414 of client funds, failing to register with the CFTC as a Commodity Trading Advisor, and failing to produce books and records to the agency. CFTC

Tagged in: Fraud in CFTC-Regulated Markets, Regulatory Violations,

December 21, 2016

Goldman Sachs was ordered to pay a $120 million civil monetary penalty by the CFTC for attempted manipulation of and false reporting of U.S. dollar ISDAFIX benchmark swap rates. The CFTC found that between January 2007 and continuing through March 2012, Goldman attempted to manipulate and made false reports concerning the U.S. Dollar International Swaps and Derivatives Association Fix, a global benchmark for interest rate products. Goldman was additionally ordered to cease and desist from further violations and take specified remedial steps. CFTC.

Tagged in: Financial Institution Fraud, Fraud in CFTC-Regulated Markets,

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