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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 35 of 44

February 4, 2016

A federal court in Fort Lauderdale, Florida ordered Robert Tripode of Boynton Beach, Florida to pay over $300,000 in penalties and restitution in connection with his fraudulent activities in the Forex market as an employee and agent of Forex Monthly Income Fund (FMIF), a commodity pool based in Miami, Florida.  CFTC

Tagged in: Foreign Exchange, Fraud in CFTC-Regulated Markets,

February 4, 2016

The U.S. District Court for the Southern District of Florida ordered Worth Group Inc. of Jupiter, Florida, its owner and operator, Andrew Wilshire of Jupiter, Florida, and Wilshire’s sister, Eugenia Mildner also of Jupiter, Florida, who served as Worth’s sole officer and director prior to February 2012, to pay restitution of $1,250,000 and a civil monetary penalty of $1,250,000 as sanctions for engaging in an illegal off-exchange precious metals scheme.  CFTC

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

February 3, 2016

The CFTC filed a civil injunctive action against Oakmont Financial, Inc. of Boynton Beach, Florida, and Joseph Charles DiCrisci of New York, New York, an Oakmont owner and principal, alleging that the defendants 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,

December 18, 2015

J.P. Morgan wealth management subsidiaries, J.P. MorganSecurities LLC and JPMorgan Chase Bank N.A., will pay $267 million to settle charges that they failed to disclose conflicts of interest to clients.  An SEC investigation found that the businesses preferred to invest clients in the firm’s own proprietary investment products without properly disclosing this preference.  This preference impacted fundamental aspects of money management — asset allocation and selection of fund managers.  In a parallel action, JP Morgan Chase Bank will pay an additional $40 million penalty to the Commodity Futures Trading Commission.  SEC

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

January 20, 2016

The CFTC announced that it filed a civil enforcement action charging Kevin J. Davis of Ponca City, Oklahoma with acting as an unregistered commodity pool operator, failing to operate his commodity pool as a separate legal entity, accepting funds from pool participants in his own name, and commingling pool participants’ funds with his own.  CFTC

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

January 13, 2016

Otkritie Capital International, Ltd., a London-based financial services company, agreed to pay a $140,000 penalty to settle charges that it violated CFTC Regulation 30.4 by permitting two of its U.S. customers to trade futures and options in foreign markets while not registered as a futures commission merchant.  CFTC

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

January 13, 2016

The U.S. District Court for the Northern District of Illinois entered a default judgement order against Nikolai S. Battoo, BC Capital Group S.A., BC Capital Group International Limited, and BC Capital Group Holdings S.A. on charges that they operated a global commodities futures and option fraud scheme, requiring the defendants to pay $294,246,741 in restitution, a $147 million civil penalty, and to disgorge $49 million received as ill-gotten gains.  CFTC

Tagged in: Fraud in CFTC-Regulated Markets, Misrepresentations,

January 7, 2016

The CFTC filed a complaint against Ghassan Tawachi (a/k/a Marco Tawachi) and his firm, Intelligent Trades, LLC, alleging the defendants fraudulently marketed commodity futures trading software, under which Tawachi indirectly controlled the trading of his customers’ commodity futures accounts and collected substantial fees for the use of his trading software. In all, the defendants allegedly defrauded clients of over $479,755.  CFTC

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

December 18, 2015

J.P. Morgan Chase Bank agreed to pay $100 million -- $40 million as a penalty and $60 million in disgorgement -- to settle allegations that it failed to disclose its preferences for investing client funds in certain investment vehicles.  CFTC

Tagged in: Fraud in CFTC-Regulated Markets, Misrepresentations,

December 10, 2015

Thomas Gillons, of Napa County, California, was ordered to pay a $1 million civil penalty and $994,068 in restitution on charges of fraud and misappropriation.  CFTC

Tagged in: Fraud in CFTC-Regulated Markets,

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