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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 30, 2014

The CFTC ordered Scott A. Beatty of Roy, Utah, individually and doing business as Peak Capital Group, Inc., and his Ogden, Utah-based company, Peak Capital Management Group, Inc., to pay restitution of $641,000 and a $1 million penalty for committing fraud and misappropriation, making false statements to the CFTC, and failing to register with the CFTC in connection with operating a leveraged or margined off-exchange foreign currency scheme.  CFTC

Sepember 30, 2014

The CFTC has filed a federal complaint against Daniel Shak of Las Vegas, Nevada for violating an administrative Order entered by the CFTC on November 25, 2013.  CFTC

September 29, 2014

The CFTC has ordered Fan Zhang to pay $250,000 for engaging in fictitious sales and noncompetitive, prearranged trades.  CFTC

September 29, 2014

The CFTC has filed a a federal complaint against Gerald J. Considine of Oak Park, Illinois, and his companies, Novo Trading LLC and Considine Trading Corp., charging the defendants with fraudulently soliciting more than $2.4 million from at least nine customers to open managed commodity futures or foreign exchange accounts and misappropriating more than $1.65 million of those funds.  CFTC

September 29, 2014

The CFTC has filed a federal complaint against Inter-Global Currency & Precious Metals LLC of Pompano Beach, Florida, and its owner and manager, Stavros Papastavrou, charging the defendants with engaging in illegal, off-exchange transactions in precious metals with retail customers on a leveraged, margined, or financed basis.  CFTC

September 26, 2014

-- The CFTC settled charges against Delaware Depository Services Company, LLC for confirming the execution of off-exchange precious metals transactions in violation of Section 4(a) of the Commodity Exchange Act.  CFTC

September 25, 2014

The CFTC Ordered Absa Bank, Ltd. to pay a $150,000 penalty for unlawfully executing prearranged, noncompetitive trades on the Chicago Board of Trade.  CFTC

September 25, 2014

The CFTC entered an order requiring Louis J. Ferone, of Miami, Florida to pay restitution of $55,442 to customers and a $100,000 civil monetary penalty for engaging in illegal, off-exchange precious metals transactions.  CFTC

September 25, 2014

The CFTC filed a federal complaint charging Gregory Christopher Evans with unauthorized trading and concealing trading losses.  CFTC

September 24, 2014

The CFTC ordered Kennith Wayne Thrasher and Kennith Luke Thrasher to pay a $525,000 penalty for violating speculative position limits in live cattle futures.  CFTC
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