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:
March 18, 2022
The CFTC has made a $10 million award to a whistleblower whose tip sparked an investigation, and whose supplemental information helped move it along. CFTCMarch 15, 2022
London-based swap dealer ED&F Man Capital Markets, Ltd. will pay $3.25 million to resolve claims that it failed to comply with swap dealer requirements including by failing to report accurate swaps data to a swaps data repository, failing to disclose to its U.S. swaps counterparties that affiliated-entity proprietary traders had access to counterparties’ trade information, and failing to disclose mid-market marks to counterparties. The CFTC further found that the entity failed to maintain an adequate supervisory system or perform its supervisory obligations diligently. CFTCMarch 10, 2022
The CFTC has awarded two whistleblowers awards totaling approximately $500,000 after they separately provided significant information and substantial assistance that helped lead to a successful enforcement action. According to the agency, the whistleblowers’ tip helped expand the scope of an existing investigation and led to other key evidence. CFTCFebruary 23, 2022
The CFTC settled charges against Richard D. Neal and his company Golden Signals, LLC for failing to register as a commodity trading advisor and commodity pool operator. Neal and Golden Signals, LLC will pay over $2.6 million in restitution, disgorgement, and a civil monetary penalty for the fraud perpetrated over a 5-year period beginning in October 2016. They engaged in binary options solicitation and trading fraud via webpages and social media channels, touting “the highest profit percentage ratings in the world.” Additionally, customers lost over $1.2 million through Neal and Golden Signals’ fraudulent solicitations for binary options signal, trainings, and strategy course offerings. CFTCPrecious Metals, Costly Fraud
Posted 02/4/22
January 19, 2022
William S. Evans III, who did business as Turning Point Investments, together with his wife Francis Evans, have consented to entry of judgment against them requirement the payment of $17 million as restitution as the disgorgement of $10 million. Evans operated as an unregistered commodity pool operator, and marketed to customers with the promise that he would trade commodity futures on their behalf, making false statements about risks, the likelihood of profits, and his fees. In fact, Evans misappropriated customer funds for his personal use and to pay other participants in a Ponzi-like scheme. CFTCTop Ten SEC and CFTC Recoveries of 2021
Posted 01/7/22
