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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.

May 26, 2016

The CFTC ordered Cypress Wealth Management, Inc. and its former owners and operators, Ted L. Romeo of Pompano Beach, Florida, and Richard D. Schrutt of Tampa, Florida, to pay over $530,000 in penalties and restitution on charges that they illegally offered off-exchange financed transactions in precious metals to retail customers.  CFTC

May 25, 2016

David Bryant of Los Angeles was ordered to pay over $6 million in penalties and restitution on charges of fraud and misappropriation.  CFTC

May 9, 2016

The CFTC ordered Cunningham Commodities, LLC, based in Chicago, Illinois, and its head accountant, Salvatore Carmen Russo, to pay a penalty of $150,000 for failing to immediately report a customer's segregated account deficiency.  CFTC

April 12, 2016

The CFTC ordered Nathan Schleifer of New York City and his company Galileo Trading LLC to pay over $1.6 million in restitution and penalties for fraudulently soliciting customers to trade commodity futures and repeatedly making numerous false statements and material misrepresentations to the National Futures Association regarding their trading practices.  CFTC

April 12, 2016

Brian Hinman agreed to pay over $1 million in penalties and disgorgement to settle charges that he aided and abetted Kevin White's Texas-based entities’ RFF GP, LLC and KGW Capital Management, LLC, in a scheme that fraudulently solicited participants in a foreign currency exchange pool named Revelation Forex Fund, LPCFTC

April 5, 2016

Michael Pucciarelli of Staten Island, New York, and Badge Trading LLC, will pay a $280,000 civil monetary penalty for non-competitively entering into and reporting numerous non-bona fide exchanges of physicals transactions to ICE Futures U.S., Inc. and ICE Clear U.S., Inc.  CFTC

March 31, 2016

The CFTC filed a civil enforcement action against Hendrik A. Van Beuningen of Brookhaven, Georgia, and his company, DeBrink Trading Fund I, LLC of Atlanta, Georgia, alleging fraud, misappropriation, and issuing false statements in connection with a commodity pool they operated.  CFTC
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