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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 20, 2015

The CFTC fined Barclays $400 million for attempting to manipulate the foreign exchange benchmark rates and another $115 million for attempting to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix.  CFTC and CFTC

May 14, 2015

The CFTC ordered Double Eagle Enterprises, LLC, Double Eagle Metals, and its owner Eric Arlt, all of Charlevoix, Michigan, to pay $700,000 for illegally offering off-exchange financed transactions in precious metals with retail customers, and failure to register as a Futures Commission Merchant with the CFTC.  CFTC

May 11, 2015

The CFTC ordered Libero Commodities SA, an agricultural trading company, to pay $480,000 for failing to comply with its legal obligation as a reportable trader to submit weekly CFTC Form 304 Reports that show its call cotton purchases and sales, in violation of CFTC Regulation 19.02.  CFTC

May 5, 2015

The CFTC filed a civil enforcement action in the U.S. District Court for the Southern District of New York against Heet Khara and Nasim Salim, residents of the United Arab Emirates for engaging in unlawful disruptive trading practices known as “spoofing” in the gold and silver futures markets.  CFTC

May 1, 2015

The CFTC ordered FCStone, LLC, headquartered in New York, NY, to pay a $140,000 penalty for failing to provide and maintain an adequate program of supervision and for failing to diligently supervise its employees.  CFTC

April 30, 2015

The CFTC charged Barry C. Taylor of Franklin, North Carolina, with operating a multi-million dollar fraudulent forex scheme through his firms, OTC Investments LLC and Forex Currency Trade Advisors, LLCCFTC

April 30, 2015

The U.S. District Court for the Central District of California ordered Christopher Valois and Cynthia Wong, residents of Irvine, California, and their companies, Bertram Trade LLC and Churchhill Commodities Trading LLC, to pay $1.1 million for fraud and registration violations.  CFTC

April 29, 2015

A federal court in North Carolina ordered James Harvey Mason of Graham, North Carolina to pay $5.5 million for commodity pool fraud.  CFTC
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