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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 29, 2015

The CFTC ordered Barbara Cohen of Tarpon Springs, Florida, to pay a $140,000 penalty on charges that she made false statements of material fact to CFTC staff and that the website of Cohen’s company, Pure Reason, LLC promoted Pure Reason’s trading software by demonstrating profitable trading results without disclosing that these results were based on hypothetical, and not actual, trades.  CFTC

September 29 ,2015

American Portfolio Asset Management, Inc. and its owner, Alan M. Kneller, both of Boca Raton, Florida, will pay over $578,000 in restitution and penalties to settle charges that they illegally offering off-exchange financed transactions in precious metals to retail customers.  CFTC

September 29, 2015

The CFTC ordered Daniel Bowman of Lisle, Illinois, to pay a $35,000 penalty to settle charges that he exceeded the spot month speculative position limit for the Live Cattle futures contract traded on the Chicago Mercantile Exchange.  CFTC

September 29, 2015

The CFTC have filed a lawsuit against Harvard Assets LLC, London Assets Inc., and Harvard International Trading, Inc., all three operating in Florida, and their controlling person, Todd Owen Marshall for engaging in illegal, off-exchange transactions in precious metals with retail customers.  CFTC

September 28, 2015

The CFTC ordered Michael E. Simmons and Global Consortiums, LLC, both of Fayetteville, Georgia, to pay a $360,000 penalty and restitution totaling $229,660 for committing fraud and misappropriation in connection with operating a commodity pool that offered leveraged or margined off-exchange foreign currency transactions.  CFTC

September 25, 2015

Chicago-based Futures International LLC and its Chief Operating Officer Amedeo Cerrone of St. Charles, Illinois, have agreed to pay $500,000 to settle charges of failing to adequately record customer orders; failing to maintain required records relating to commodity futures transactions; submitting order tickets bearing false timestamps; unauthorized trading; and failing to provide adequate supervision.  CFTC

September 25, 2015

The CFTC has charged Safety Capital Management, Inc. and GNS Capital, Inc., both doing business as FOREXNPOWER, John Won, and Sungmi Kang with fraudulent solicitation of over $1.5 million from customers to trade off-exchange foreign currency and misappropriation of over $622,000 of customer funds.  CFTC

September 24, 2015

Russian citizen, Yakov Shlyapochnik, and his Connecticut-based company, Nord Capital Advisors, LLC (NCA) have been ordered to pay a $280,000 penalty for failing to disclose NCA’s principal in registration filings and for engaging in fraud in soliciting prospective clients by failing to disclose material changes in NCA’s algorithmic trading program.  CFTC

September 24, 2015

The CFTC ordered commodities trading company Cargill de México SA De CV to pay a $500,000 penalty for executing wash trades involving corn, soybean, and wheat futures contracts on the Chicago Board of Trade and wheat futures contracts on the Kansas City Board of Trade.  CFTC

September 24, 2015

The CFTC settled charges against TeraExchange LLC for failing to enforce its prohibition on wash trading and prearranged trading.  CFTC
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