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CFTC Enforcement Actions

					
The  (CFTC) is the United States agency with primary responsibility for enforcing the Commodity Exchange Act (CEA) and regulating commodity futures and related markets. Whistleblowers with knowledge of violations of laws and regulations enforced by the CFTC can submit a claim under the CFTC Whistleblower Reward Program, and may be eligible to receive a monetary reward and protection against retaliation by employers.


Below are summaries of recent CFTC settlements or successful enforcement actions. If you believe you have information about fraud which could give rise to a CFTC enforcement action and claim under the CFTC Whistleblower Reward Program, please contact us to speak with one of our experienced whistleblower attorneys.

				

			

			
						
					
			

	
		
		

			

				
				
November 28, 2017

				 The Commodity Futures Trading Commission (CFTC) obtained a Consent Order against Defendants Joseph Dufresne (a/k/a/ Joseph James) and Megan Renkow (a/k/a Megan James), both of Palos Verdes Estates, California, and their companies, United Business Servicing, LLC and United Business Servicing, Inc. (collectively, United Business), doing business as SchoolofTrade.com (SoT), who were charged with fraud and other violations in connection with the offer and sale of futures trading strategies and systems. The Consent Order, entered by Judge John A. Kronstadt, U.S. District Judge for the Central District of California, on November 22, 2017, requires Dufresne, Renkow, and United Business jointly and severally, to pay restitution to defrauded investors totaling $3,941,157 and a $1 million civil monetary penalty. 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
November 22, 2017

				 The Commodity Futures Trading Commission (CFTC) today released the agency’s enforcement results for fiscal year (FY) 2017. In the fiscal year that ended September 30, 2017, the CFTC brought 49 enforcement-related actions, which included significant actions to root out manipulation and spoofing and to protect retail investors from fraud. The CFTC also pursued significant and complex litigation, including cases charging manipulation, spoofing, and unlawful use of customer funds. The CFTC obtained orders totaling $412,726,307 in restitution, disgorgement and penalties. Specifically, in the fiscal year, the CFTC obtained $333,830,145 in civil monetary penalties and $78,896,162 million in restitution and disgorgement orders. Of the civil monetary penalties imposed, the CFTC collected and deposited at the U.S. Treasury more than $265 million. In addition to its enforcement actions, the CFTC also implemented enhancements to increase the effectiveness and strength of the agency’s enforcement program. New rules and procedures were put in place to better protect whistleblowers and to further incentivize whistleblowers to come forward. The CFTC also realigned the market surveillance unit under the Division of Enforcement (DOE). Under the new alignment, the market surveillance unit conducts market analysis to confirm market integrity and identifies areas that may warrant enforcement inquiry. DOE also issued new cooperation advisories, which brings DOE’s cooperation program in line with other law enforcement agencies and will serve as a powerful enforcement tool going forward. Each of these developments will substantially strengthen the CFTC’s enforcement program. 				 					 

						
Tagged in:
													  Fraud in CFTC-Regulated Markets, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
November 17, 2017

				 The Commodity Futures Trading Commission (CFTC) obtained $1,127,855 in restitution for defrauded pool participants and $3,383,565 in civil monetary penalties in a federal court Default Judgment Order against Defendants Gerard Suite (who is known by numerous aliases, including Rawle Gerard Suite, Jerry Suite, and Jerry Snead) and his company, STA Opus NR LLC (STA Opus), as well as a Consent Order against Frank Collins for knowingly or recklessly misappropriating at least $50,000 of STA Opus customers’ funds. 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
November 14, 2017

				 – The Commodity Futures Trading Commission (CFTC) today issued an order filing and settling charges against FCStone Merchant Services LLC (FCStone Merchant) for entering into multiple noncompetitive trades and against INTL FCStone Financial Inc. (FCStone Financial), a registered Futures Commission Merchant based in Chicago, Illinois, for reporting non-bona fide prices to the Chicago Mercantile Exchange (CME) between December 2013 and March 2014. The CFTC Order also finds that FCStone Financial failed to have an adequate supervisory system in place with regard to the execution, handling, and reporting of exchange for related position transactions (EFRPs). The CFTC Order requires FCStone Financial and FCStone Merchant, jointly and severally, to pay a $280,000 civil monetary penalty, to comply with certain undertakings regarding their respective practices regarding EFRPs, and to cease and desist from further violations of the Commodity Exchange Act (CEA) and CFTC Regulations, as charged. 				 					 

						
Tagged in:
													  Fraud in CFTC-Regulated Markets, 
													  Market Manipulation and Trading Violations, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
November 14, 2017

				 The Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Statoil ASA (Statoil), an international energy company headquartered in Stavanger, Norway. The CFTC Order finds that from as early as October 2011 through November 2011, Statoil attempted to manipulate the Argus Far East Index (FEI) in order to benefit Statoil’s physical and financial positions, including Statoil’s NYMEX-cleared over-the-counter swaps which settled to the Argus FEI. The Order requires Statoil to pay a $4 million civil monetary penalty and orders Statoil to cease and desist from violating Section 9(a)(2) of the Commodity Exchange Act (CEA). 				 					 

						
Tagged in:
													  Fraud in CFTC-Regulated Markets, 
													  Market Manipulation and Trading Violations, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
November 13, 2017

				 The Commodity Futures Trading Commission (CFTC) today announced that Judge David G. Campbell of U.S. District Court for the District of Arizona entered a Consent Order against Defendants Derek Springfield and his company, Draven, LLC (Draven), both of Mesa, Arizona finding that they fraudulently solicited and received at least $1.8 million from approximately 112 commodity pool participants in connection with pooled investments in commodity futures and foreign currency exchange (forex). The Order, entered on November 13, 2017, also finds that the Defendants engaged in fraudulent sales practices, misappropriated pool participant funds, and provided false account statements to pool participants. The Order requires the Defendants to pay, jointly and severally, $1,487,964.45 in restitution to defrauded customers and an $800,000 civil monetary penalty. The Order also imposes permanent trading and registration bans against Defendants, among other things, and prohibits them from committing further violations of the Commodity Exchange Act and CFTC Regulations, as charged. 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
November 6, 2017

				 The Commodity Futures Trading Commission (CFTC) today announced the filing and simultaneous settlement of charges against Cargill, Inc. (Cargill), of Minnesota, for providing mid-market marks (marks) that concealed from counterparties and its swap data repository (SDR) its full mark-up on certain swaps, in violation of the Commodity Exchange Act (CEA) and Commission Regulations. Specifically, the CFTC Order finds that Cargill provided counterparties and the SDR inaccurate marks which had the effect of concealing up to ninety percent of Cargill’s mark-up. Cargill also failed to diligently supervise its employees in connection with these inaccurate marks, and in connection with inaccurate statements made to swap counterparties. In particular, the CFTC Order finds that Cargill provided marks that concealed its full mark-up because of a concern that providing accurate marks would reduce Cargill’s revenue. The CFTC Order requires Cargill to pay a $10 million civil monetary penalty, cease and desist from violating Section 4s(h)(1) of the CEA and Commission Regulations 23.431(a) and (d), 45.4(d)(2), and 166.3, as charged, and comply with certain remedial undertakings. 				 					 

						
Tagged in:
													  Fraud in CFTC-Regulated Markets, 
													  Market Manipulation and Trading Violations, 
													  Regulatory Violations, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
November 2, 2017

				 – The Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Morgan Stanley and Co. Incorporated (Morgan Stanley), a registered Futures Commission Merchant (FCM), for non-compliance with applicable rules governing Part 17 Large Trader reports to the CFTC spanning a ten-year period and affecting thousands of line items of information. The CFTC Order requires Morgan Stanley to pay a $350,000 civil monetary penalty, cease and desist from further violations of the Commodity Exchange Act (CEA) and applicable Regulations, and comply with certain undertakings, including continuing cooperation with the CFTC’s Division of Enforcement in any investigation, civil litigation, or administrative matter related to the subject matter of this action. 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
October 11, 2017

				 – The Commodity Futures Trading Commission (CFTC) today announced the filing of a Complaint on October 2, 2017, in the U.S. District Court for the Central District of California. The CFTC Complaint, filed under seal, charges Defendants Scott Allensworth (d/b/a Capital Growth Group Associates and Cobra Development Group LLP), of Newhall, California; his California company E-Slate, Inc. (d/b/a Cobra Development Group LLP); Robert J. Fusco, of Henderson, Nevada; and David Weddle, of Somerset, Kentucky, with fraudulent solicitation, providing fabricated statements to pool participants, and misappropriation in connection with investments in two separate commodity pools. The Complaint also charges Defendants with registration violations. On October 3, 2017, U.S. District Court Judge Consuelo Marshall signed a Statutory Restraining Order freezing the assets of Allensworth, Fusco, and E-Slate and prohibiting the destruction of their books and records. The district court scheduled a hearing for October 17, 2017 on the CFTC’s motion seeking a preliminary injunction against Allensworth, Fusco, and E-Slate. 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
October 10, 2017

				 The Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Arab Global Commodities DMCC (AGC), a proprietary trading firm headquartered in Dubai, with several trading offices in India, for engaging in the disruptive trading practice of “spoofing” in the copper futures contract traded on the Commodity Exchange, Inc. (COMEX) between March and August 2016. The CFTC Order finds that AGC engaged in this activity through one of its employees (Trader A), who generally spoofed after business hours, when Trader A traded from home. The Order requires AGC to pay a $300,000 civil monetary penalty and to cease and desist from violating the Commodity Exchange Act’s prohibition against spoofing. 				 					 

						
Tagged in:
													  Fraud in CFTC-Regulated Markets, 
													  Market Manipulation and Trading Violations, 
												
						

					
	
							
	
		
		
	


 			


											

						

								

									
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