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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.

				

			

			
						
					
			

	
		
		

			

				
				
April 23, 2015

				 German-based Deutsche Bank AG and its UK-based subsidiary DB Group Services (UK) Limited agreed to pay more than $2.5 billion to settle US and UK allegations relating to their role in manipulating and false reporting of the London Interbank Offered Rate (LIBOR) and Euribor.  In addition to the monetary payout, DB Group Services agreed to plead guilty to wire fraud and Deutsche Bank entered into a deferred prosecution agreement to resolve wire fraud and price-fixing charges. The settlement payment consists of an $800 million CFTC penalty, a $600 million penalty payable to the New York Department of Financial Services, $344 million payable to the U.K. Financial Conduct Authority (FCA) action, and criminal penalties and disgorgement payable in an agreement with DOJ, including a $150 million fine payable by DB Group Services and a $625 million penalty payable by Deutsche Bank.  DOJ; CFTC; NY				 					 

						
Tagged in:
													  Criminal Proceedings, 
													  Financial and Investment Fraud, 
													  Financial Institution Fraud, 
													  Fraud in CFTC-Regulated Markets, 
													  Market Manipulation and Trading Violations, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
April 21, 2015

				 The CFTC filed a civil enforcement action in the U.S. District Court for the Southern District of Florida against Sentry Asset Group, LLC of Boca Raton, Florida, and its owner and manager, John Pakel of Del Ray, Florida, alleging that they engaged in illegal, off-exchange transactions in precious metals with retail customers on a leveraged, margined, or financed basis.  CFTC				 					 

						
Tagged in:
													  Fraud in CFTC-Regulated Markets, 
													  Regulatory Violations, 
												
						

					
	
							
	
		
		
	


 			


 			




	
		
		

			

				
				
April 20, 2015

				 The CFTC announced that the U.S. District Court for the Middle District of Florida entered an emergency restraining order freezing assets and prohibiting the destruction or concealment of books and records of Dorian A. Garcia, and his companies, DG Wealth Management, Macroquantum Capital LLC, and UKUSA Currency Fund LP, all of Naples, Florida.  The CFTC previously had filed a complaint charging the defendants with fraud in connection with their solicitation of customers for their foreign currency and options trading pools, misappropriation of customer funds, and their issuance of false statements and registration violations.  CFTC
				 					 

						
Tagged in:
													  Fraud in CFTC-Regulated Markets, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
April 17, 2015

				 The CFTC announced that it filed a civil enforcement action in a Chicago federal court against Matthew J. Marcus of California and his company, Tech Power, Inc., a Nevada corporation located in California, and John D. Briner, an attorney residing in Vancouver, Canada, and his company, MetroWest Law Corporation, a Canadian law firm, for engaging in fictitious single stock futures transactions on OneChicago LLC and trading non-competitively.  CFTC				 					 

						
Tagged in:
													  Fraud in CFTC-Regulated Markets, 
													  Market Manipulation and Trading Violations, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
April 15, 2015

				 The CFTC ordered Hope Advisors LLC, a Brentwood, Tennessee, Commodity Pool Operator, to pay a $100,000 civil monetary penalty for acting as a CPO without registering with the CFTC, as required, and for providing monthly statements to pool participants that failed to show all the information required by Commission Regulation.  CFTC				 					 

						
Tagged in:
													  Fraud in CFTC-Regulated Markets, 
													  Regulatory Violations, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
April 6, 2015

				 The CFTC secured a permanent injunction against RFF GP, LLC, KGW Capital Management, LLC, and Kevin G. White, all of The Woodlands, Texas, requiring the defendants to pay $7.5 million for operating a fraudulent commodity pool.  CFTC				 					 

						
Tagged in:
													  Fraud in CFTC-Regulated Markets, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
April 1, 2015

				 The CFTC filed a civil enforcement complaint in the District Court for the Northern District of Illinois against Kraft Foods Group, Inc. and Mondelēz Global LLC, headquartered in Northfield and Deerfield, Illinois, respectively, for manipulation and attempted manipulation of the prices of cash wheat and wheat futures.  CFTC				 					 

						
Tagged in:
													  Fraud in CFTC-Regulated Markets, 
													  Market Manipulation and Trading Violations, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
March 31, 2015

				 The CFTC filed a lawsuit charging Maverick International, Inc. and its principals, Wesley Allen Brown and Edward Rubin, with operating a fraudulent commodity pool.  CFTC				 					 

						
Tagged in:
													  Fraud in CFTC-Regulated Markets, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
March 30, 2015

				 The CFTC announced that the District Court for the District of Columbia entered an order against Daniel Shak of Las Vegas, Nevada, for his violation of a prior CFTC Administrative Order; Shak must pay a $100,000 civil monetary penalty for violating the terms of the CFTC order regarding his attempt to manipulate the price of crude oil futures contracts on the NYME and violating speculative position limits.  CFTC				 					 

						
Tagged in:
													  Fraud in CFTC-Regulated Markets, 
												
						

					
	
							
	
		
		
	


 			


											

						

								

									
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