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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.

March 25, 2016

The CFTC has filed charges against Virginia resident Tracy Lee Thomas and his firm based in the Cayman Islands Marbury Advisors Inc. with allegations of fraudulently soliciting more than $1.2 million in a commodity futures scheme.  CFTC

March 23, 2016

JPMorgan Ventures Energy Corp. and JPMorgan Chase Bank, N.A.  have agreed to pay a $225,000 penalty to resolve charges of failing to comply with their obligations to submit accurate large trader reports for physical commodity swap positions.  CFTC

March 22, 2016

A federal judge for the Southern District of Iowa ordered Alabama resident John David Stroud and his companies to pay over $4.7 million in restitution and penalties for committing commodity pool fraud and misappropriation of funds.  CFTC

March 22, 2016

The CFTC has ordered payment of penalties of $665,000 by Credit Suisse International for violating speculative position limits for wheat futures and by Credit Suisse Securities LLC for submitting false or misleading information to the CFTC.  CFTC

March 15, 2016

The CFTC announced that a federal district court has unsealed a civil complaint the CFTC filed with the Northern District of Illinois on February 2, 2016, against two foreign web-based binary options firms, Vault Options, Ltd. and Global Trader 365, both Israeli web-based companies. The CFTC’s complaint alleges that the two firms unlawfully solicited and accepted more than $1 million from at least 50 U.S. customers to trade off-exchange binary options contracts, defrauded those customers, and operated as unregistered Futures Commission Merchants.  CFTC

March 14, 2016

The CFTC ordered Florida-based IBFX, Inc. to pay a $1 million penalty for failing to meet capital requirements, failing to report minimum net capital violations on time, supervisory failures, and violating a previous CFTC order.  CFTC

March 9, 2016

A Las Vegas court ordered Banc de Binary Ltd., ET Binary Options Ltd., BO Systems Ltd., BDB Services Ltd., and Oren Shabat Laurent to pay over $9 million in penalties and restitution for violating the CFTC's prohibition against trading binary options off-exchange.  CFTC

February 24, 2016

The CFTC filed charges against Florida resident Neil Pecker and his company, Vision Financial Partners, LLC, alleging they engaged in fraud in connection with off-exchange binary options and registration violations.  The CFTC complaint alleges that the defendants solicited almost $3 million from over 120 clients in the U.S. and Canada while misappropriating almost $2 million of the funds for their personal use.  CFTC

February 22, 2016

The CFTC sued North American Asset Management, LLC of Fort Lauderdale, Florida; its owner and president Alexi Bethel of Miami, Florida; and its owner and managing director Steven Labadie of Lake Worth, Florida. The CFTC complaint charges the defendants with engaging in illegal, off-exchange transactions in precious metals with retail customers on a leveraged, margined, or financed basis.  CFTC
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