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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 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				 					 

						
Tagged in:
													  Fraud in CFTC-Regulated Markets, 
													  Regulatory Violations, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
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, LP.  CFTC				 					 

						
Tagged in:
													  Foreign Exchange, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
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				 					 

						
Tagged in:
													  Fraud in CFTC-Regulated Markets, 
													  Misrepresentations, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
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				 					 

						
Tagged in:
													  Fraud in CFTC-Regulated Markets, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
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				 					 

						
Tagged in:
													  Fraud in CFTC-Regulated Markets, 
													  Regulatory Violations, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
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				 					 

						
Tagged in:
													  Fraud in CFTC-Regulated Markets, 
												
						

					
	
							
	
		
		
	


 			


											

						

								

									
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