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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.

November 6, 2014

The CFTC obtained a restraining order freezing assets and prohibiting the destruction or concealment of books and records of Emini Experts LLC, Capital Trading Concepts LLC, and Dante S. Giovannetti, all of Orlando, Florida, in a case involving an alleged fraud scheme.  CFTC

October 27, 2014

A federal court has issued an order imposing permanent trading and registration bans and a $210,000 penalty against Neal E. Hall of Reidsville, North Carolina for registration violations and failure to include certain required disclosures on his website.  CFTC

October 24, 2014

A federal court has ordered California resident Ryan A. Nassbridges, and his companies, American Bullion Exchange ABEX Corp. and American Bullion Exchange, LLC, to pay over $18 million in penalties in a commodity pool precious metals scheme.  CFTC

October 24, 2014

The CFTC has obtained a federal court order of default judgment against defendant Financial Robotics, Inc., a Texas corporation, for its participation in a fraudulent Forex scheme, requiring the defendant to pay restitution of $827,000 and a penalty of almost $2.5 million.  CFTC

October 22, 2014

The CFTC has obtained a federal court order against John B. Wilson and his company, JBW Capital LLC, both of Boston, Massachusetts, for fraud and registration violations of the Commodity Exchange Act (CEA), requiring the defendants to pay a $2.86 million civil penalty and imposing permanent trading and registration bans on the defendants.  CFTC

October 9, 2014

The CFTC has obtained a federal court order of default judgment against Vertical Integration Group LLC of Lake Worth, Florida, and its Managing Members, Richard V. Morello and Junior Alexis, for engaging in illegal, off-exchange precious metals transactions, requiring payment of over $2.5 million in sanctions.  CFTC

October 8, 2014

The CFTC has settled charges against Friedberg Mercantile Group, Inc. of Toronto, Canada for secured amount deficiency, commingling of customer funds, and failure to timely report secured amount deficiency.  CFTC

October 2, 2014

The CFTC has obtained a federal court order permanently enjoining Glenn Kane Jackson of Healdsburg, California, and Highlands Capital Management, L.P. from trading for operating a fraudulent off-exchange foreign currency pool scheme.  CFTC

October 1, 2014

The CFTC obtained a federal court order against defendant Eric Moncada, finding that the defendant attempted to manipulate the wheat futures markets on numerous occasions and imposing a $1.56 million civil monetary penalty and trading and registration restrictions. CFTC 

September 30, 2014

The CFTC has filed a federal complaint against International Monetary Metals, Inc. of Hollywood, Florida, and its president Martin Sommers, alleging the defendants engaged in illegal, off-exchange transactions in precious metals with retail customers on a leveraged, margined, or financed basis.  CFTC
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