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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.

October 21, 2015

The CFTC sued Gregory L. Gramalegui of Vail, Colorado, for fraud, making false statements to the CFTC, failing to make required advertising disclosures, and violating a prior CFTC administrative order.  CFTC

October 20, 2015

Alan James Watson, Cash Flow Financial LLC, and Michael S. Potts have been ordered to pay over $91 million in fines and restitution for operating a commodity pool Ponzi scheme.  CFTC

October 20, 2015

A federal judge has ordered John R. Bullar and his company, Executive Management Advisors LLC, to pay over $31 million in penalties and restitution for fraud, misappropriation, embezzlement, and operating a Ponzi scheme.  CFTC

October 20, 2015

The CFTC ordered BNP Paribas Securities Corp. to pay a $140,000 penalty on charges that the company improperly invested customer segregated funds.  CFTC

October 19, 2015

The CFTC filed a lawsuit against Igor B. Oystacher and his proprietary trading company, 3 Red Trading LLC, both of Chicago, Illinois, charging the defendants with spoofing and employment of a manipulative and deceptive device while trading futures on four different futures exchanges.  CFTC

October 14, 2015

The U.S. District Court for the Northern District of Ohio entered judgment against Bradley A. Miklovich of Stow, Ohio, resolving charges that Miklovich, a former Associated Person of Rice Investment Company made unauthorized trades for two customers’ accounts and falsified a customer’s account statements and Rice’s internal documents. The order requires Miklovich to make full restitution to Rice in the amount of $566,360 and to pay a $100,000 civil monetary penalty.  CFTC

October 5, 2015

Alexander Glytenko and his company, Direct Investment Products, Inc., will pay over $3.8 million in restitution and penalties in connection with a commodity pool fraud scheme.  CFTC

September 30, 2015

Alfred C. Toepfer International, Inc., a global merchandiser of agricultural commodities, will pay a $400,000 penalty for failing to comply with its legal obligation to submit accurate monthly CFTC Form 204 Reports regarding the composition of Toepfer’s fixed price cash grain purchases and sales.  CFTC

September 30, 2015

The CFTC filed charges against Guardian Asset Group, LLC and its owner and principal, Andrew Kurzbard, both of West Palm Beach, Florida, alleging that the defendants engaged in illegal, off-exchange transactions in precious metals with retail customers on a leveraged, margined, or financed basis.  CFTC

September 30, 2015

The CFTC ordered Deutsche Bank AG to pay a $2.5 million penalty for swaps reporting violations and related supervision failures.  CFTC
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