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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.

September 20, 2016

The CFTC filed a civil enforcement action against Florida-based Defendants KB Concepts Group, LLC (d/b/a) Apex Asset Advisors, LLC, and Kelvin Burgos, alleging that they engaged in illegal, off-exchange transactions in precious metals with retail customers on a leveraged, margined, or financed basis.  CFTC

September 20, 2016

Raja Michael Mawad and his company, RNS Holdings LP, a Texas corporation headquartered in Houston, Texas, agreed to pay more than $389,000 to settle charges that they engaged in fraud upon participants in a commodity pool they operated and for failing to file required annual reports.  CFTC

September 14, 2016

Grace Elizabeth Reisinger of Grand Island, Nebraska, was found liable by jury verdict for  fraudulently soliciting at least $2.75 million from investors in a commodity pool scheme.  CFTC

September 12, 2016

A federal court in North Carolina ordered James A. Shepherd and his company, James A. Shepherd Inc. to pay more than $15 million in penalties and restitution for engaging in a commodity pool fraud scheme.  CFTC

September 7, 2016

The CFTC filed a civil injunctive enforcement action against Fan Wang a.k.a. Alex Wang, a Chinese national who resides in Short Hills, New Jersey, charging Wang with making false reports in connection with commodity futures contracts he purchased for his employer’s proprietary trading account.  CFTC 

September 1, 2016

The U.S. District Court for the District of Nevada ordered My Global Leverage, LLC, which did business in Las Vegas, Nevada, and its owner and managing member Toney Blondo Eggleston, who resided in Las Vegas and Newport Coast, California, to pay over $1.4 million in penalties and restitution for engaging in illegal, off-exchange precious metals transactions.  CFTC

September 1, 2016

The CFTC announced that a trial against Robert Escobio of Miami, Florida, and his companies Southern Trust Metals, Inc. and Loreley Overseas Corporation, has resulted in a final judgment requiring defendants to pay almost $2.5 million in restitution and penalties for engaging in a precious metals scheme and an unregistered futures scheme.  CFTC

August 22, 2016

Irina Feldman, Cindium Inc., and Einstein Exchange Group Inc. agreed to pay more than $600,000 to settle charges of committing solicitation fraud and misappropriation in connection with operating a commodity pool that offered foreign currency and commodity futures transactions, and for failing to register with the CFTC as Commodity Pool Operators.  CFTC

August 18, 2016

Forex Capital Markets, LLC was charged with undercapitalization, failure to timely report that undercapitalization violation, and guaranteeing against customer losses.  CFTC
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