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CFTC Enforcement Actions

The Commodity Futures Trading Commission (CFTC) is the United States agency with primary responsibility for enforcing the Commodity Exchange Act (CEA) and regulating commodity futures and related markets. Whistleblowers with knowledge of violations of laws and regulations enforced by the CFTC can submit a claim under the CFTC Whistleblower Reward Program, and may be eligible to receive a monetary reward and protection against retaliation by employers.

Below are summaries of recent CFTC settlements or successful enforcement actions. If you believe you have information about fraud which could give rise to a CFTC enforcement action and claim under the CFTC Whistleblower Reward Program, please contact us to speak with one of our experienced whistleblower attorneys.

July 5, 2016

The U.S. District Court for the Middle District of Florida ordered Dorian Garcia and his companies, DG Wealth Management, Macroquantum Capital LLC, UKUSA Currency Fund, and Quanttra LP, all of Naples, Florida, to pay nearly $17.5 million in restitution, disgorgement, and penalties for fraud, misappropriation, and operating a Ponzi scheme.  CFTC

June 28, 2016

The CFTC filed a lawsuit against Alvin Guy Wilkinson, of San Juan, Puerto Rico, and his limited partnerships Chicago Index Partners, L.P. and Wilkinson Financial Opportunity Fund, L.P., both located in Sharon, Connecticut, alleging they fraudulently solicited over $6.9 million from at least 30 investors and misappropriated at least $5.2 million of investors funds.  CFTC

June 22, 2016

The CFTC obtained a default judgment ordering Dante Giovannetti and his companies Emini Experts LLC and Capital Trading Concepts LLC to pay over $2.7 million in penalties and restitution for commodity pool fraud and other violations.  CFTC

June 20, 2016

The CFTC obtained a default judgment against Ryan Magee, his father David Magee, and Ryan’s wife Dalyne Rae Magee, all of Calgary, Alberta, Canada, in connection with a commodity pool fraud that victimized United States and Canadian participants; the order requires the defendants to pay over $3.2  million in restitution, disgorgement, and penalties.  CFTC

June 20, 2016

The U.S. District Court for the Southern District of Florida ordered Harvard Assets LLC, London Assets Inc., and Harvard International Trading, Inc., all based in Florida, and their controlling person, Todd Owen Marshall, with a last known address in Deerfield Beach, Florida, to pay over $2.4 million in disgorgement and penalties for engaging in illegal, off-exchange precious metals transactions and registration violations.  CFTC

June 7, 2016

The CFTC announced it has filed charges against Jeffrey Slemmer of Acton, Massachusetts, Christian Dorrian of Boynton Beach, Florida, and Adam Roth of Boca Raton, Florida, and their Florida companies Slemmer Enterprises LLC, Dorrian Enterprises, LLC, and Roth Investment Group LLC for engaging in a $2.7 million precious metals and rare diamonds fraud scheme.  CFTC

June 3, 2016

Rico Omar Cox (a.k.a. Omar Negron) of Dania Beach, Florida, has been ordered to pay $381,000 in restitution and a $560,000 civil monetary penalty for defrauding his clients in connection with commodity futures trading.  CFTC

June 3, 2016

The CFTC charged Haena Park and her companies Phaetra Capital GP LLC, a/k/a/ Argenta Capital GP LLC, Phaetra Capital Management LP, a/k/a Argenta Capital LLC, and Argenta Group LLC, for engaging in a $23 million scheme to fraudulently operate a commodity pool and misappropriate pool participants’ assets.  CFTC

June 2, 2016

The CFTC ordered Hong Kong-based bitcoin exchange, BFXNA Inc. d/b/a Bitfinex to pay a $75,000 penalty for offering illegal off-exchange financed retail commodity transactions in bitcoin and other cryptocurrencies, and for failing to register as a Futures Commission Merchant.  CFTC
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