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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.

May 2, 2014

The CFTC obtained a restraining order freezing assets and prohibiting the destruction or concealment of books and records of EJS Capital Management, Alex Vladimir Ekdeshman and Edward J. Servider.  The order arises out of a Complaint the CFTC filed charging them with fraudulent solicitation of more than $2M, misappropriation of most of those funds, issuing false account statements, and registration violations in an ongoing retail foreign currency (forex) fraud scheme.  CFTC

April 29, 2014

The CFTC obtained a final judgment and consent Order against Illinois resident James C. Yadgir settling charges that Yadgir exceeded speculative position limits in live cattle futures contracts and feeder cattle futures contracts. The Order requires Yadgir to pay a civil penalty of $130,000.  CFTC

April 28, 2014

The CFTC obtained a Consent Order against Tunney & Associates, P.C, an accounting firm with offices in Hammond, Indiana and Orland Park, Illinois, and Michael Tunney, its sole owner and a certified public accountant, requiring T&A and Tunney jointly to pay a $100,000 civil penalty for violating CFTC Regulations when conducting audits for The Linn Group, a CFTC-registered Futures Commission Merchant.  CFTC

April 25, 2014

The CFTC obtained a Consent Order of Permanent Injunction that bars Australian firm Halifax Investment Services, Ltd. from soliciting orders to trade foreign currency (forex) from US residents who do not qualify as eligible contract participants (ECPs) and from offering to be the counterparty to US residents’ forex transactions without registering with the CFTC.  The Order settles CFTC charges that Halifax unlawfully solicited members of the public to engage in forex transactions and operated as a Retail Foreign Exchange Dealer (RFED) without being registered with the CFTC.  CFTC

April 18, 2014

The CFTC filed an enforcement action against Wayne Pennoyer Weddington III and his companies, Brunswick Capital and Brunswick Capital Partners, charging them with solicitation fraud, making false statements, and registration violations in connection with a commodity pool that he formed called Pennoyer International Funds Global Opportunity.  CFTC

April 17, 2014

The CFTC issued an Order filing and simultaneously settling charges against Florida resident Derek J. Bridges and his companies Empire Sterling Metals and I.P.M. Investments for engaging in illegal, off-exchange precious metals transactions.  The CFTC Order requires Bridges and Empire jointly to pay restitution totaling $243,000 and Bridges and I.P.M. jointly to pay restitution totaling $15,000 to their customers.  CFTC

April 3, 2014

Following a consent Order the CFTC obtained against MF Global, the company will begin making final distributions to its customers to satisfy its obligation of full restitution for $1.2 billion in losses sustained by customers of MF Global when the company failed in 2011.  In addition to full restitution, the consent Order imposed a $100 million civil penalty on MF Global, to be paid after MF Global has fully paid customers.  The consent Order arose out of the CFTC’s June 2013 complaint charging MF Global with unlawful use of customer funds.  Specifically, the Complaint charged MF Global with unlawfully using customer segregated funds to support its own proprietary operations and the operations of its affiliates.  CFTC
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