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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 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

August 19, 2015

INTL FCStone Markets, LLC, a provisionally registered swap dealer, has agreed to pay a $200,000 penalty to settle allegations that it failed to diligently supervise traders in its Kansas City Energy Group.  CFTC

August 7, 2015

The CFTC has filed an enforcement action against Gary Creagh and Wall Street Pirate Management, LLC, both of New York, for making false, fictitious, or fraudulent statements or omissions to the National Futures Association.  CFTC

August 6, 2015

The CFTC ordered Morgan Stanley & Co. LLC to pay a $300,000 penalty for failing to hold sufficient U.S. dollars in segregated accounts in the United States to meet all of its obligations to cleared swaps customers.  CFTC

August 5, 2015

The District Court for the Southern District of New York ordered Wayne P. Weddington III and his companies Brunswick Capital LLC and Brunswick Capital Partners LP to pay over $1 million in penalties and restitution for defrauding customers.  CFTC

August 3, 2015

The CFTC has charged Husam Tayeh of Oak Lawn, Illinois, as well as Nevada corporations Dinar Corp., Inc. and My Monex, Inc., with operating a fraudulent scheme involving foreign currency (forex) and failing to register with the CFTC.  CFTC
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