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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 17, 2015

The CFTC filed a complaint against Mintco LLC of Delray Beach, Florida, and its principals Stuart Rubin and Richard Q. Zimmerman, charging the defendants with unlawfully targeting low net-worth retail customers with telemarketing and off-exchange transactions for the purchase and sale of gold and other precious metals.  CFTC

September 17, 2015

The CFTC ordered Australia and New Zealand Banking Group Ltd., an Australia-based financial services company, to pay a $150,000 penalty for failing to comply with its obligation to submit accurate large trader reports for physical commodity swap positions.  CFTC

September 17, 2015

Terry Lee Phillips of Indianapolis, Indiana, and his two companies, Phillips Investment & Trust LLC and Corporate I Communications & Technology Inc., will pay over $200,000 to settle charges that they defrauded 11 investors out of at least $113,000.  CFTC

September 17, 2015

The CFTC has issued a cease and desist order against Coinflip, Inc. d/b/a Derivabit and its chief executive officer Francisco Riordan for conducting activity related to commodity options transactions without complying with the Commodity Exchange Act and CFTC Regulations.  CFTC

September 11, 2015

The CFTC has charged Hannes Tulving, Jr. of Newport Beach, California, and his company, The Tulving Company, Inc., with fraudulent solicitation and misappropriation of at least $17.8 million from over 380 customers for the purchase and sale of precious metals.  CFTC

September 9, 2015

Donovan Davis Jr., a former principal of Capital Blu Management, LLC, was sentenced to 17 years in federal prison on multiple counts of criminal conspiracy, mail fraud, wire fraud, and money laundering in connection with the operation of a fraudulent $17 million commodity pool.  CFTC

September 8, 2015

Forex Capital Markets, LLC has agreed to pay $843,000 to settle charges that it failed to diligently supervise its officers’, employees’, and agents’ handling of accounts held in the name of a fraudulent foreign currency exchange pool, Revelation Forex Fund, LPCFTC

September 8, 2015

The CFTC has charged Rodney Scott Phelps, Jason T. Castenir, and the companies they control - Maverick Asset Management, LLC and Maverick Investment Holdings, LLC – with fraudulently soliciting at least $1.2 million from members of the public to trade commodity futures in a pool, misappropriating more than $800,000 of pool participants’ funds for their personal use, and misrepresenting the profitability of their trading.  CFTC

August 28, 2015

Ron Earl McCullough and David Christopher Mayhew, both from Raleigh, North Carolina, have been ordered to pay $3.7 million for their roles in a Ponzi scheme involving at least 11 investors.  CFTC

August 25, 2015

An Illinois federal court has ordered Charles Mosley, a former senior vice president at Sentinel Management Group, Inc., to pay over $2 million to resolve charges of misusing customer funds.  CFTC
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