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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.

December 30, 2014

Judge Martin Reidinger of the U.S. District Court for the Western District of North Carolina entered an Order of Default Judgment against Edwin A. Vasquez of Arden, North Carolina, and his company Vasquez Global Investments, LLCfor defrauding participants in a commodity pool commonly known as the Vasquez pool. CFTC

December 24, 2014

MF Global Holdings Ltd. must pay $1.212 billion in restitution (or such amount as necessary to ensure that claims of customers of its subsidiary, MF Global Inc. are paid in full). The CFTC previously filed and settled charges against MFGI for misuse of customer funds and related supervisory failures in violation of the Commodity Exchange Act and CFTC Regulations. CFTC

December 22, 2014

The U.S. District Court for the Northern District of Texas issued a supplemental Consent Order of Permanent Injunction requiring Steven Lyn Scott of Dallas, Texas, to pay a $700,000 civil monetary penalty and restitution of $766,625.30, plus post-judgment interest. An earlier Consent Order of the Court, entered on May 5, 2014, imposed a permanent trading and registration ban against Scott and prohibits him from violating provisions of the Commodity Exchange Act and CFTC regulations. CFTC

December 18, 2014

The CFTC has obtained a court order requiring AlphaMetrix, LLC, a Chicago-based Commodity Pool Operator and Commodity Trading Advisor, and its parent company AlphaMetrix Group, LLC to pay a combined $8.4 million in penalties, restitution, and disgorgement.  CFTC

December 16, 2014

A federal court has ordered Missouri resident Daniel Steele and his company, Champion Management International LLC, to pay over $2.5 million in sanctions.  CFTC

December 10, 2014

The CFTC has settled charges against IBFX, Inc. f/k/a Tradestation Forex, Inc., a Florida-based Retail Foreign Exchange Dealer, for violating CFTC Regulations by failing to meet the minimum net capital requirements on three separate occasions, failing to timely report one of the minimum net capital deficits, and failing to supervise its employees and agents diligently by establishing, implementing, and executing an adequate supervisory structure and compliance programs.  CFTC

December 5, 2014

The U.S. District Court for the Southern District of Florida has entered an order of default judgment against defendants Gold Distributors, Inc. of Hallandale Beach, Florida, and its sole owner Jordan Cain of Miami, Florida.  The order requires the defendants to pay restitution in the amount of $337,266 and a civil monetary penalty of $1,011,800, as well as imposing permanent trading, solicitation, and registration bans against the defendants.  CFTC

December 4, 2014

Paul Greenwood of North Salem, New York, who operated a $1.3 billion investment scam where he and a co-Defendant misappropriated at least $554 million from commodity pool participants, was sentenced to 10 years in federal prison for charges related to his participation in the scam. Earlier, on July 28, 2010, Greenwood pled guilty to a six-count criminal indictment on the charges, including a commodities fraud charge in violation of the Commodity Exchange Act (CEA).  CFTC
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