Top Ten SEC and CFTC Recoveries of 2018
Posted 01/18/19
Archive
CFTC Whistleblower Program has a Banner Year, but Challenges Remain
Posted 11/6/18
Federal Judge — CFTC Can Regulate “Cryptocurrency” Fraud
Posted 10/10/18
CFTC Announces Multiple “Game Changing” Whistleblower Awards Totaling More than $45 Million
Posted 08/3/18
CFTC Announces Record-Breaking $30 Million Whistleblower Award
Posted 07/12/18
Today, the Commodity Futures Trading Commission (CFTC) announced a $30 million whistleblower award-the largest ever under the CFTC’s Whistleblower Program. The award, which is nearly triple the size of the CFTC’s previous highest award, is the fifth made under the program since its inception in 2010 and the first under President Trump. In February, Bloomberg reported that a whistleblower would receive a $30...
The Catch of the Week -- Société Générale S.A.
Posted 06/8/18
In a joint effort by the DOJ, CFTC, and French authorities, Société Générale agreed on June 4th to pay penalties and disgorgement in excess of $1 billion arising out of two separate wrongful schemes, making them our Catch of the Week.
First, in connection with alleged violations arising from manipulation of the London InterBank Offered Rate (LIBOR), Société Générale agreed to pay $275 million in a...
CTFC Brings Charges Over Fraud Involving Binary Options and “ATM Coin”
Posted 04/18/18
By the C|C Whistleblower Lawyer Team
Today, the Commodity Futures Trading Commission (CFTC) announced charges against two individuals and four entities for engaging in a fraudulent scheme involving binary options and a virtual currency called “ATM Coin.” The CFTC also alleges that the defendants improperly accepted customer funds without first registering with the CFTC. Earlier this week, the United States...
JP Morgan Whistleblower to Receive $30 Million Award
Posted 02/21/18
By the C|C Whistleblower Lawyer Team
An unnamed whistleblower is set to receive a $30 million award from the Commodities Future Trading Commission (CFTC), according to Bloomberg, for reporting JPMorgan Chase & Co.’s failure to properly disclose that it was directing certain wealthy clients into investments that would be profitable for the bank. The conduct led to JPMorgan’s 2015 agreement to pay $367 million in...
Financial Spoofs No Laughing Matter: Chicago Speed-Chess Champ Can’t Outmaneuver CFTC
Posted 10/24/16
By the C|C Whistleblower Lawyer Team
Although some take issue with cheeky parody, most of us love a good spoof. Unless, that is, the spoof is the sort that lands you in hot water with financial regulators. Chicago-based trader and speed-chess champ Igor Oystacher and his firm, 3Red Trading LLC, found out the hard way that spoofing, at least in financial industry jargon, is no laughing matter. Indeed, financial...
Russian Roulette in Futures Trading: The CFTC Cracks Down on Fictitious Trades
Posted 09/21/16
By Ronny Valdes
On Monday September 19th, the U.S. Commodity and Futures Trading Commission (CFTC) announced the filing and simultaneous $5 million settlement of charges against JSC VTB Bank (VTB), a Russian state-backed lender, for executing fraudulent ruble-dollar trades. VTB and its U.K subsidiary, VTB Capital PLC (VTB Capital), were accused of executing noncompetitive and fictitious block trades in ruble-dollar...