Contact

Click here for a confidential contact or call:

1-347-417-2192

Fraud in CFTC-Regulated Markets

This archive displays posts tagged as relevant to fraud in markets regulated by the Commodity Futures Trading Commission, the CFTC, or governed by the Commodity Exchange Act, the CEA. You may also be interested in the following pages:

Page 15 of 44

October 1, 2019

Three firms will pay a total of $3 million to resolve claims that each violated the Commodity Exchange Act's prohibition on spoofing.  Morgan Stanley Capital Group Inc. will pay $1.5 million for engaging in spoofing the precious metals futures markets; Belvedere Trading LLC will pay $1.1 million for engaging in spoofing in the Chicago Mercantile Exchange E-mini S&P 500 futures market; and, Mitsubishi International Corporation will pay $400,000 for acts of spoofing silver and gold futures on the Commodity Exchange, Inc. markets.  CFTC

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

September 30, 2019

Hard Eight Futures, LLC and its principal Igor Chernomzav have been ordered to pay $2.5 million in civil monetary penalties based on findings that the defendants placed bids and offers for E-mini futures contracts with the intent to cancel those orders before execution.  When placed and prior to cancellation, the bids and offers constituted a substantial percentage of the best bid or offer, creating a false impression of buying and selling interest.  CFTC

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

September 16, 2019

Heraeus Metals New York LLC and its employee John Lawrence have been ordered by the CFTC to pay a total of $1.03 million for their actions in spoofing orders for precious metals futures.  Between 2017 and 2018, Lawrence placed hundreds of large orders in the COMEX silver and gold futures markets with the intent to cancel the orders before execution.  Lawrence intended that these larger spoofed orders would attract market participants to fill smaller, genuine, orders that he had also placed.  CFTC

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

September 13, 2019

Tullett Prebon Americas Inc., an interdealer broker and CFTC-registered introducing broker, has been ordered to pay $13 million to resolve charges that the firm failed to supervise its brokers on the U.S. Dollar Medium Term Interest Rate Swaps Desk and prevent them from making false and misleading statements to customers.  In addition, the CFTC found that Tullett failed to take adequate corrective action when management learned of the problem, and that its brokers made false and misleading statements during a CFTC investigation.  CFTC

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

September 12, 2019

Rafael Marconato of Brazil, the former chief compliance officer of a registered commodity pool operator and commodity trading advisor, has been ordered to pay $150,000 to resolve allegations that he made misstatements to the National Futures Association about the actions of his employer, Phy Capital Investments LLC, f/k/a Phynance Capital Management LLC, and its CEO Fabio Bretas de Freitas, who were accused of misappropriating client funds.  CFTC

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

September 12, 2019

Futures commission merchant Phillip Capital Inc. will pay $1.5 million to settle CFTC charges that its email system was breached and customer information accessed, with cyber criminals withdrawing $1 million in PCI customer funds.  The CFTC found that PCI failed to disclose the breach to its customers in a timely manner, and failed to have adequate cybersecurity policies and employee supervision.  CFTC

Tagged in: Cybersecurity and Data Breaches, Financial and Investment Fraud, Fraud in CFTC-Regulated Markets,

September 10, 2019

Merrill Lynch, Pierce, Fenner & Smith Inc. has been ordered to a pay the CFTC a $300,000 civil monetary penalty for failing to promptly produce records in response to routine regulatory requests and for failing to supervise its employees to ensure statutory and regulatory obligations were met.  Merrill’s delay substantially stalled a CFTC investigation.  CFTC

Tagged in: Financial and Investment Fraud, Fraud in CFTC-Regulated Markets, Regulatory Violations,

September 9, 2019

The CFTC has simultaneously filed a complaint and settled charges against a CFTC registrant, Nathan Harris, who was charged with committing fraud, trading without authorization, and violating speculative position limits in live cattle futures contracts between 2012 and 2014.  Harris has been ordered to pay $1.25 million for causing customer losses of $10.3 million.  CFTC

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

September 4, 2019

Chicago-based Options Clearing Corporation (OCC), the registered clearing agency for exchange-listed option contracts on equities, will pay $15 million in penalties to the SEC and $5 million in penalties to the CFTC to resolve allegations that it failed to comply with regulations related to clearing agency standards.  As a systemically important financial market utility (SIFMU), OCC is subject to SEC and CFTC regulations regarding the implementation and management of risk management systems, to reduce the risk of disruption in OCC's operations, and allegedly failed to comply with those standards, including through changing policies without obtaining SEC approval.  SEC; CFTC

Tagged in: Financial and Investment Fraud, Fraud in CFTC-Regulated Markets, Regulatory Violations, Securities Fraud,

1 … 13 14 15 16 17 … 44

Newsletter

Subscribe to receive email updates from the Constantine Cannon blogs

Sign up for: