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September 16, 2014

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.  CFTC

September 16, 2014

The CFTC filed a complaint against Glen Galemmo of Cincinnati, Ohio, charging him with operating a multi-million dollar Ponzi scheme through his firm, QFC, LLC, from February 2010 through at least July 2013 and alleging millions of dollars in fraud.  CFTC

September 15, 2014 

Federal court orders Brian Hunter to pay $750,000 civil fine and permanently prohibits 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. CFTC

September 15, 2014

The CFTC issued an order filing and simultaneously settling charges against Morgan Stanley Smith Barney, LLC, a CFTC-registered Futures Commission Merchant, for improper supervision and records violations. The CFTC order requires Morgan Stanley to pay a $280,000 civil monetary penalty and to disgorge commissions it earned from the subject accounts. CFTC

September 9, 2014

The CFTC settled charges against Zulutrade, Inc., a CFTC-registered Introducing Broker located in Piraeus, Greece, for failure to diligently supervise activities relating to its business as a CFTC registrant.  The settlement order requires Zulutrade to pay a $150,000 civil monetary penalty and disgorge $80,000 in commissions and fees it earned from accounts that were related to the alleged supervisory failure.  CFTC

September 9, 2014

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.  CFTC

August 27, 2014

The CFTC issued an Order filing and simultaneously settling charges against financial services company FirstRand Bank, Ltd., headquartered in 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.   CFTC

August 26, 2014

The CFTC issued an Order filing and simultaneously settling charges against Merrill Lynch, Pierce, Fenner & Smith Incorporated for failing to diligently supervise its officers’, employees’, and agents’ processing of futures exchange and clearing fees charged to its customers from at least January 1, 2010 through April 2013.  CFTC

August 21, 2014

The CFTC issued an Order filing and settling charges against S.J. Woods, Inc. and its owners, Peter Blanco and Paul Proscia, involving their participation in illegal, off-exchange financed transactions in precious metals with retail customers. The Order requires them to pay restitution totaling $2,971,992.23 to their customers, imposes permanent trading bans against them, and prohibits them from violating the Commodity Exchange Act, as charged.   CFTC

August 11, 2014

The CFTC entered an Order requiring Jacob N. Stein, individually and doing business as TEPdesign, Inc., to pay restitution of $244,400 to defrauded customers and a $100,000 civil monetary penalty, for committing fraud and misappropriation in connection with a commodity pool that traded leveraged or margined off-exchange foreign currency contracts (forex).  CFTC
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