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:
June 13, 2018
The CFTC has charged an LLC, Omega Knight 2, and two of its members, Aviv Michael Hen and Erez, with previous metals fraud. According to the agency, the defendants engaged in illegal, off-exchange transactions in previous metals and failed to register their trades with the CFTC. The defendants also allegedly made false statements to induce customers to enter various kinds of precious metals transactions, receiving over $5.5M from 90 different customers. CFTCThe Catch of the Week -- Société Générale S.A.
Posted 06/8/18
In a joint effort by the DOJ, CFTC, and French authorities, Société Générale agreed on June 4th to pay penalties and disgorgement in excess of $1 billion arising out of two separate wrongful schemes, making them our Catch of the Week.
First, in connection with alleged violations arising from manipulation of the London InterBank Offered Rate (LIBOR), Société Générale agreed to pay $275 million in a...
June 4, 2018
Registered commodities trader and repeat fraudster Rawle Gerard Suite was sentenced to more than 10 years in federal prison for orchestrating a fraudulent investment scheme in which he concealed his identity, misrepresented the true nature of a number of shell companies he claimed were trading soybeans, gold, oil, and other commodities; the scheme caused losses of $1.6 million. USAO CDCAJune 4, 2018
France-based global financial services institution Société Générale S.A. and a wholly-owned subsidiary agreed to collectively pay penalties and disgorgement in excess of $1 billion to resolve U.S. and French charges related to the bribery of Libyan officials between 2004 and 2009 in exchange for various investments worth more than $3 billion, as well as the manipulation of LIBOR through the issuance of false financial data. USAO EDNYCTFC Brings Charges Over Fraud Involving Binary Options and “ATM Coin”
Posted 04/18/18
By the C|C Whistleblower Lawyer Team
Today, the Commodity Futures Trading Commission (CFTC) announced charges against two individuals and four entities for engaging in a fraudulent scheme involving binary options and a virtual currency called “ATM Coin.” The CFTC also alleges that the defendants improperly accepted customer funds without first registering with the CFTC. Earlier this week, the United States...
JP Morgan Whistleblower to Receive $30 Million Award
Posted 02/21/18
By the C|C Whistleblower Lawyer Team
An unnamed whistleblower is set to receive a $30 million award from the Commodities Future Trading Commission (CFTC), according to Bloomberg, for reporting JPMorgan Chase & Co.’s failure to properly disclose that it was directing certain wealthy clients into investments that would be profitable for the bank. The conduct led to JPMorgan’s 2015 agreement to pay $367 million in...