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:
The CFTC has ordered payment of penalties of $665,000 by Credit Suisse International for violating speculative position limits for wheat futures and by Credit Suisse Securities LLC for submitting false or misleading information to the CFTC. CFTC
The CFTC announced that a federal district court has unsealed a civil complaint the CFTC filed with the Northern District of Illinois on February 2, 2016, against two foreign web-based binary options firms, Vault Options, Ltd. and Global Trader 365, both Israeli web-based companies. The CFTC’s complaint alleges that the two firms unlawfully solicited and accepted more than $1 million from at least 50 U.S. customers to trade off-exchange binary options contracts, defrauded those customers, and operated as unregistered Futures Commission Merchants. CFTC
The CFTC ordered Florida-based IBFX, Inc. to pay a $1 million penalty for failing to meet capital requirements, failing to report minimum net capital violations on time, supervisory failures, and violating a previous CFTC order. CFTC
Two former derivatives traders at Rabobank Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank) were sentenced to prison for manipulating the London Interbank Offered Rates (LIBOR) for the U.S. Dollar (USD) and Japanese Yen (JPY), benchmark interest rates to which trillions of dollars in interest rate contracts were tied. Anthony Allen, the bank’s former global head of liquidity and finance in London, was sentenced to 24 months and Anthony Conti, a former senior trader on the bank’s money markets desk in London, was sentenced to 12 months. DOJ
A Las Vegas court ordered Banc de Binary Ltd., ET Binary Options Ltd., BO Systems Ltd., BDB Services Ltd., and Oren Shabat Laurent to pay over $9 million in penalties and restitution for violating the CFTC's prohibition against trading binary options off-exchange. CFTC
The CFTC filed charges against Florida resident Neil Pecker and his company, Vision Financial Partners, LLC, alleging they engaged in fraud in connection with off-exchange binary options and registration violations. The CFTC complaint alleges that the defendants solicited almost $3 million from over 120 clients in the U.S. and Canada while misappropriating almost $2 million of the funds for their personal use. CFTC
The CFTC sued North American Asset Management, LLC of Fort Lauderdale, Florida; its owner and president Alexi Bethel of Miami, Florida; and its owner and managing director Steven Labadie of Lake Worth, Florida. The CFTC complaint charges the defendants with engaging in illegal, off-exchange transactions in precious metals with retail customers on a leveraged, margined, or financed basis. CFTC
The CFTC filed a civil enforcement action against Ryan S. Magee of Calgary, Alberta, Canada, with fraud and also with acting as a Commodity Pool Operator, without being registered with the CFTC, as required. The CFTC complaint also charged Ryan Magee’s father and wife, David W. Magee and Dalyne Rae Magee, also both Calgary residents, with acting as Associated Persons of Ryan Magee, without being registered with the CFTC, as required. CFTC
A federal court ordered Cindy Vandivier and Paul Vandivier of Coconut Creek, Florida to pay almost $3 million in penalties and restitution to settle CFTC charges of fraudulently soliciting customers and misappropriating customer funds in connection with illegal, off-exchange transactions in precious metals. CFTC