cftc

CFTC News: Federal Court Orders Precious Metals Dealer, Royal Metals Group, Chelsea Gless, Its Owner, to Pay More than $2.3 Million for Fraud, Misappropriation in Gold, Silver Scheme

Washington, DC (STL.News) – The Commodity Futures Trading Commission (“CFTC”) today announced that the U.S. District Court for the Southern District of New York entered an Order of Default Judgment (“Order”) and Permanent Injunction against Royal Metals Group, LLC (“RMG”), and its member, manager and part owner, Chelsea Gless (“Gless”) of Iowa (collectively, “defendants”) for … Continue reading CFTC News: Federal Court Orders Precious Metals Dealer, Royal Metals Group, Chelsea Gless, Its Owner, to Pay More than $2.3 Million for Fraud, Misappropriation in Gold, Silver Scheme

CFTC News: CFTC Charges Proprietary Trader, Kevin Crepeau, with Spoofing in Soybean Futures Markets

Washington, DC – Jan. 31, 2019 – The Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Kevin Crepeau, of Chicago, Illinois, a trader at a proprietary trading firm, for engaging in spoofing in the Chicago Mercantile Exchange (CME) soybeans futures market. James McDonald, CFTC’s Director of Enforcement, said, “As … Continue reading CFTC News: CFTC Charges Proprietary Trader, Kevin Crepeau, with Spoofing in Soybean Futures Markets

CFTC News: CFTC’s Release Schedule for Delayed Market Data Reports

Washington, DC – The Commodity Futures Trading Commission’s (CFTC) Market Intelligence Branch of the Division of Market Oversight today announced an updated release schedule for CFTC market data reports that were delayed during the lapse in appropriations.  The goal of the new report schedule is to provide market participants with data as quickly as possible, … Continue reading CFTC News: CFTC’s Release Schedule for Delayed Market Data Reports

Business News: Agencies Invite Comment on a Proposal to Exclude Community Banks from the Volcker Rule

Washington DC – Five federal financial regulatory agencies on Friday invited public comment on a proposal that would exclude certain community banks from the Volcker Rule, consistent with the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The Volcker Rule generally restricts banking entities from engaging in proprietary trading and from owning or sponsoring hedge … Continue reading Business News: Agencies Invite Comment on a Proposal to Exclude Community Banks from the Volcker Rule

CFTC News: Federal Court Orders Commodity Pool Operators to Pay More Than $23 Million in Restitution and Penalties for Fraud and Misappropriation of Investors Funds

Washington, DC — The Commodity Futures Trading Commission (CFTC) announced today that on December 3, a federal court in New York entered an Opinion and Order ( Opinion and Order) against defendants Haena Park, her companies Phaetra Capital GP LLC, Phaetra Capital Management LP, and Argenta Group LLC (collectively, Pool Defendants), requiring the firms to … Continue reading CFTC News: Federal Court Orders Commodity Pool Operators to Pay More Than $23 Million in Restitution and Penalties for Fraud and Misappropriation of Investors Funds

CFTC News: CFTC and State of Utah Amend Their Complaint Against Rust Rare Coin and Gaylen Rust to Charge Additional Defendants for Participating in $200 Million Salt Lake City Precious Metals Ponzi Scheme

Washington, DC — The Commodity Futures Trading Commission (CFTC) and the Utah Department of Commerce, Division of Securities, through its Attorney General (State of Utah) filed an amended complaint alleging that Denise Gunderson Rust (Denise Rust) and Joshua Daniel Rust (Joshua Rust) actively participated and aided and abetted, in a precious metals Ponzi scheme with … Continue reading CFTC News: CFTC and State of Utah Amend Their Complaint Against Rust Rare Coin and Gaylen Rust to Charge Additional Defendants for Participating in $200 Million Salt Lake City Precious Metals Ponzi Scheme

CFTC News: CFTC Charges Chicago-area Trader, Dro Kholamian, with Ongoing Forex and Commodity Fraud

Washington, DC — The Commodity Futures Trading Commission (CFTC) announced the filing of a civil enforcement action against Dro Kholamian of Barrington, Illinois, and his company, Blue Star Trading, LLC (Blue Star), an Illinois limited liability company with an office in Park Ridge, Illinois.  The CFTC Complaint charges that the Defendants fraudulently solicited potential clients … Continue reading CFTC News: CFTC Charges Chicago-area Trader, Dro Kholamian, with Ongoing Forex and Commodity Fraud

CFTC News: Federal Court Orders Defendants to Pay More Than $11 Million in Connection with Commodity Pool Fraud

Permanent injunction issued against Scott Allensworth d.b.a. Capital Growth Group Associates and Cobra Development Group, LLP, Robert J. Fusco, David Weddle in connection with two separate fraudulent commodity trading schemes Washington, DC — The Commodity Futures Trading Commission (CFTC) today announced an Order of default judgment and permanent injunction has been issued against defendants Scott … Continue reading CFTC News: Federal Court Orders Defendants to Pay More Than $11 Million in Connection with Commodity Pool Fraud

CFTC News: CFTC Wins Judgment against Commodities Trader, Mark R. Slobodnik, for Commodity Pool Fraud, Including Misappropriating Funds

Washington, DC — The Commodity Futures Trading Commission (CFTC) announced today that Defendant Mark R. Slobodnik of Libertyville, Illinois, has been ordered to pay approximately $370,000 in fines in connection with a $1.76 million commodity pool fraud operated under the name Blue Guru, LLC. Judge Manish Shah, of the U.S. District Court for the Northern … Continue reading CFTC News: CFTC Wins Judgment against Commodities Trader, Mark R. Slobodnik, for Commodity Pool Fraud, Including Misappropriating Funds

CFTC News: Commissioner Behnam Announces Members of the Market Risk Advisory Committee’s Interest Rate Benchmark Reform Subcommittee

Washington, DC — Commodity Futures Trading Commission (CFTC) Commissioner Rostin Behnam today announced the members of the Interest Rate Benchmark Reform Subcommittee (Subcommittee) of the CFTC’s Market Risk Advisory Committee (MRAC).  Commissioner Behnam is the sponsor of the MRAC. Thomas Wipf, Vice Chairman of Institutional Securities at Morgan Stanley, will chair the 21-member Subcommittee, which … Continue reading CFTC News: Commissioner Behnam Announces Members of the Market Risk Advisory Committee’s Interest Rate Benchmark Reform Subcommittee

Business News: CFTC Allows Additional UK Multilateral Trading Facilities to Operate without CFTC Registration as Exempt SEFs

Washington, DC — The Commodity Futures Trading Commission (CFTC) today issued an amended order that will allow an additional four multilateral trading facilities (MTFs) authorized within the European Union (EU) to be exempted from the requirement to register with the CFTC as swap execution facilities (SEFs). The amended order exempts four United Kingdom-based MTFs – … Continue reading Business News: CFTC Allows Additional UK Multilateral Trading Facilities to Operate without CFTC Registration as Exempt SEFs

CFTC News: CFTC Approves a Proposed Rule to Provide Exception to Annual Privacy Notice Requirement

Washington, DC — The Commodity Futures Trading Commission (CFTC) today approved a proposed rule to revise a CFTC regulation that requires certain futures commission merchants, retail foreign exchange dealers, commodity trading advisors, commodity pool operators, introducing brokers, major swap participants, and swap dealers to provide annual privacy notices to customers.  Under the proposed rule these … Continue reading CFTC News: CFTC Approves a Proposed Rule to Provide Exception to Annual Privacy Notice Requirement

CFTC News: CFTC and K-State to Host 2nd Agricultural Commodity Futures Conference

Washington, DC — The Commodity Futures Trading Commission (CFTC) and the Center for Risk Management Education and Research (CRMER) at Kansas State University will host AgCon2019, the 2nd annual agricultural commodity futures conference on April 11-12 in Overland Park, Kansas. The CFTC and CRMER will again jointly host the conference, which brings together federal, state, … Continue reading CFTC News: CFTC and K-State to Host 2nd Agricultural Commodity Futures Conference

CFTC News: CFTC Approves a Final Rule to Amend Uncleared Swap Margin Requirements

Washington, DC — The Commodity Futures Trading Commission (CFTC) announced today that it has approved a final rule to amend its uncleared swap margin requirements (CFTC Margin Rule) to better align with certain rules (QFC Rules) adopted by the Board of Governors of the Federal Reserve System (FRS), the Federal Deposit Insurance Corporation (FDIC), and … Continue reading CFTC News: CFTC Approves a Final Rule to Amend Uncleared Swap Margin Requirements

CFTC News: CFTC Commissioner Dan Berkovitz Announces Staff Appointments

Washington, DC — Commodity Futures Trading Commission (CFTC) Commissioner Dan Berkovitz announced that Erik Remmler will serve as Chief of Staff and Lucy Hynes will serve as Special Counsel. Commissioner Berkovitz commented: “I am very glad to have Erik and Lucy on my team.  They both have extensive experience at the CFTC and in the … Continue reading CFTC News: CFTC Commissioner Dan Berkovitz Announces Staff Appointments

CFTC News: CFTC Division of Enforcement Issues Report on FY 2018 Results

Washington, DC — The Division of Enforcement (DOE) of the Commodity Futures Trading Commission (CFTC) today issued its report outlining its major priorities and initiatives during the past Fiscal Year 2018 (FY 2018).  Enforcement Director James McDonald announced the release of the report at a speech given at NYU as part of the Program on … Continue reading CFTC News: CFTC Division of Enforcement Issues Report on FY 2018 Results

CFTC News: In CFTC Action, Federal Court Orders Hedge Fund and Its Principals To Pay More Than $1 Million for Fraud and Registration Violations

Washington, DC — A federal court in New York has entered orders against Kevin P. Whylie of Ozone Park, New York, Matthew James Zecchini of East Islip, New York, and the New York hedge fund they co-founded, Algointeractive Inc (together, Defendants), to pay more than $1 million in civil monetary penalties and restitution.  The Court’s … Continue reading CFTC News: In CFTC Action, Federal Court Orders Hedge Fund and Its Principals To Pay More Than $1 Million for Fraud and Registration Violations

CFTC News: CFTC Orders Former Virtual Currency Trader to Pay More than $1.1 Million for Fraudulent Bitcoin and Litecoin Scheme

Washington, DC — The Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Joseph Kim (Kim), of Phoenix, Arizona, requiring Kim to pay more than $1.1 million for a fraudulent Bitcoin and Litecoin scheme.  In the order, Kim admits to orchestrating a fraudulent Bitcoin and Litecoin scheme that led to … Continue reading CFTC News: CFTC Orders Former Virtual Currency Trader to Pay More than $1.1 Million for Fraudulent Bitcoin and Litecoin Scheme

CFTC News: CFTC Orders Commerzbank AG to Pay $12 Million for Swap Dealing Violations and for Misleading Statements to the CFTC

Washington DC — The Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Commerzbank AG (Commerzbank) for numerous violations of the Commodity Exchange Act (CEA) and CFTC Regulations, including failing to supervise its Swap Dealer’s activities for more than 5 years and making misleading statements and material omissions to … Continue reading CFTC News: CFTC Orders Commerzbank AG to Pay $12 Million for Swap Dealing Violations and for Misleading Statements to the CFTC

CFTC News: CFTC Charges Former Deutsche Bank Trader with Fraudulently Mismarking Swaps

Division of Enforcement also Issues Declination Letter to Deutsche Bank in Recognition of its Self-Reporting, Full Cooperation and Remediation Washington, DC — The Commodity Futures Trading Commission (CFTC) announced today that it filed and settled charges against Jacob Bourne, a former managing director of Deutsche Bank Securities Inc., for fraudulently mismarking swap valuations to conceal … Continue reading CFTC News: CFTC Charges Former Deutsche Bank Trader with Fraudulently Mismarking Swaps

CFTC News: CFTC Commissioner Dawn D. Stump Announces Staff Appointments

Washington, DC — U.S. Commodity Futures Trading Commission (CFTC) Commissioner Dawn D. Stump announced that Dan Bucsa will serve as Chief of Staff and Senior Policy Advisor and Elizabeth Mastrogiacomo will serve as Senior Counsel. “I am extremely excited to work with Dan and Libby. Each has tremendous experience, and a unique skill set, complimentary … Continue reading CFTC News: CFTC Commissioner Dawn D. Stump Announces Staff Appointments

CFTC News: CFTC Voted on Open Meeting Agenda Items

Washington, DC — At an open meeting today, the Commodity Futures Trading Commission (Commission) voted unanimously to approve a final rule to amend the De Minimis Exception to the Swap Dealer Definition.  The Commission also voted unanimously on a request for comment regarding the Practice of “Post-Trade Name Give-Up” on Swap Execution Facilities. With a … Continue reading CFTC News: CFTC Voted on Open Meeting Agenda Items

CFTC News: Federal Court Orders Trading Firm and CEO to Pay More than $2.5 Million for Fraudulent Bitcoin Ponzi Scheme

Washington, DC – A New York federal court has ordered New York corporation Gelfman Blueprint, Inc. (GBI) and its Chief Executive Officer Nicholas Gelfman of Brooklyn, New York, to pay in total over $2.5 million in civil monetary penalties and restitution in what was the first anti-fraud enforcement action involving Bitcoin filed by the Commodity … Continue reading CFTC News: Federal Court Orders Trading Firm and CEO to Pay More than $2.5 Million for Fraudulent Bitcoin Ponzi Scheme

CFTC News: Federal Court in New York Orders Kevin Antonovich to Pay $554,375 Judgment for Commodity Pool Fraud

Washington, DC – The Commodity Futures Trading Commission (CFTC) announced that Judge I. Leo Glasser of the U.S. District Court for the Eastern District of New York issued a Consent Order on October 3, 2018, against Kevin Scott Antonovich, a resident of Cherry Grove, New York, requiring him to pay $554,375 in restitution and a … Continue reading CFTC News: Federal Court in New York Orders Kevin Antonovich to Pay $554,375 Judgment for Commodity Pool Fraud

CFTC News: Federal Court in Chicago Enters $14 Million Judgment against Options Trader, Thomas C. Lindstrom, for Fraudulent Options Scheme

WASHINGTON, DC – The U.S. Commodity Futures Trading Commission (CFTC) yesterday announced that Judge John Robert Blakey of the U.S. District Court for the Northern District of Illinois entered a Consent Order for Permanent Injunction (Consent Order), which resolves charges against Defendant Thomas C. Lindstrom, of Winnetka, Illinois, for engaging in fraud in connection with … Continue reading CFTC News: Federal Court in Chicago Enters $14 Million Judgment against Options Trader, Thomas C. Lindstrom, for Fraudulent Options Scheme

CFTC News: U.S. Senate Confirms Stump, Berkovitz as CFTC Commissioners

WASHINGTON, DC — Late Tuesday, the U.S. Senate confirmed the nominations of Dawn Stump and Dan Berkovitz as Commissioners of the Commodity Futures Trading Commission (CFTC).  Their confirmations complete the slate of five commissioners to fulfill the agency’s mission. Chairman J. Christopher Giancarlo issued the following statement regarding their confirmation: “On behalf of the entire … Continue reading CFTC News: U.S. Senate Confirms Stump, Berkovitz as CFTC Commissioners

CFTC News: CFTC Charges Futures Broker, Christian Robert Mayer, with Engaging in Fraudulent Trade Allocation Scheme

WASHINGTON, DC – The Commodity Futures Trading Commission (CFTC) yesterday issued an Order filing and simultaneously settling charges against Christian Robert Mayer of Eden Prairie, Minnesota, for engaging in a fraudulent trading scheme involving unauthorized trades in cattle, crude oil and wheat futures contracts.  The CFTC Order requires Mayer to pay a $100,000 civil monetary … Continue reading CFTC News: CFTC Charges Futures Broker, Christian Robert Mayer, with Engaging in Fraudulent Trade Allocation Scheme

CFTC News: CFTC Proposes Rules to Simplify Process for Foreign Clearing Organizations to Obtain DCO Registration Exemption

WASHINGTON, DC — The Commodity Futures Trading Commission (C.F.T.C.) Wednesday voted unanimously to approve a proposal to codify policies and procedures for clearing organizations located outside of the U.S. to obtain an exemption from registration as a derivatives clearing organization (DCO).  The proposal will also reduce CFTC staff time and utilize fewer resources to grant … Continue reading CFTC News: CFTC Proposes Rules to Simplify Process for Foreign Clearing Organizations to Obtain DCO Registration Exemption

U.S. Commodity Futures Trading Commission News: CFTC Announces Multiple Whistleblower Awards Totaling More than $45 Million

Washington, DC – The Commodity Futures Trading Commission (CFTC) yesterday announced multiple whistle-blower awards totaling more than $45 million.  The awards demonstrate the growing success of the CFTC’s Whistleblower Program, in particular the increasing volume and complexity of incoming whistle-blower submissions.  Just last month, the CFTC announced an award of approximately $30 million to one … Continue reading U.S. Commodity Futures Trading Commission News: CFTC Announces Multiple Whistleblower Awards Totaling More than $45 Million

New Jersey Federal Court Orders Alcibiades Cifuentes, Jennifer Wee Cifuentes & Cifuentes Fund Management, LLC, to Pay More Than $2.2 Million for Forex Fraud Scheme

Washington DC — The Commodity Futures Trading Commission (CFTC) announced that Judge Esther Salas of the U.S. District Court for the District of New Jersey has entered an Order of default judgment and permanent injunction against Alcibiades Cifuentes (Cifuentes) and Jennifer Wee Cifuentes (Wee), both of West New York, New Jersey, and their corporate entity, … Continue reading New Jersey Federal Court Orders Alcibiades Cifuentes, Jennifer Wee Cifuentes & Cifuentes Fund Management, LLC, to Pay More Than $2.2 Million for Forex Fraud Scheme