Convicted felon ran two fraudulent CTA schemes

Alexander Giap of Annandale, Virginia, is a convicted felon. Over a decade ago, in 1995, he pled guilty to bid rigging, wire fraud, and bank fraud in three separate criminal real estate schemes. The CFTC has now charged Giap with operating two schemes that amounted to nearly $800,000 in funds for the...

Agriculture committee presses CFTC Chairman Gensler

In a public hearing, the House Agriculture Committee reviewed the CFTC’s 2012 agenda for investigating MF Global and implementing rules under the Dodd-Frank Act. CFTC Chairman Gary Gensler found himself under fire from Ag Committee members, who pressed the Chairman on the strength of various customer...

CFTC proposes anti-identity theft rule

The CFTC approved rules for publication that will require futures commission merchants (“FCM”), introducing brokers (“IB”), commodity pool operators (“CPO”), and other CFTC-regulated entities to create policies for responding to red flags signaling identity theft. Under...

Judge will “rule quickly” on CFTC block

Groups representing the financial industry say the CFTC went beyond its limits in imposing restrictions on the number of contracts traders can hold in 28-commodities, such as oil, coffee and gold. The financial industry groups requested a block to CFTC’s position limits. Eugene Scalia, the lawyer...

Authorities investigate MF Global wire transfers

In its final days, MF Global moved scores of wire transfers in and out of the brokerage firm, including a suspicious transfer that may have amounted to $325 in customer funds, authorities say. Authorities discovered the transfer on October 31, the day MF Global filed for bankruptcy. At first, the firm...

CFTC commissioners criticize “duplicative” final rules

CFTC Commissioners O’Malia and Sommers strongly disapproved of the agency’s final rules regarding swap dealer (“SD”) and major swap participant (“MSP”) record keeping and reporting requirements. The Commission approved the rules February 23 by a 3-2 vote. Scott...

CFTC to vote on swap dealer, major swap participant record keeping requirements

In an open meeting February 23, the CFTC will vote on a rule establishing record keeping and daily trade requirements for swap dealers (“SDs”) and major swap participants (“MSPs”). The Commission’s proposed rule requires SDs and MSPs to establish measures to protect position...

CFTC delays defining swap dealers

The CFTC delayed Thursday’s vote on a rule that would define swap dealers (“SDs”) and other swap entities under the Dodd-Frank law of 2010. The CFTC is months behind in implementing many of the regulations Dodd-Frank requires. Thus far, the Commission has finalized about 25...

CFTC charges Huffman with $3.2 million fraud scheme

The CFTC filed a federal complaint in North Carolina, charging Mitchell Brian Huffman with defrauding individuals while operating a commodity pool scheme. Huffman allegedly used the investments to take a trip to Las Vegas, buy several cars, and go on a group Hawaiian vacation with some of his defrauded...

CFTC charges ACJ Capital in forex ponzi scheme

The CFTC filed a federal court action in Puerto Rico, charging Angel Fernando Collazo and his companies, ACJ Capital, Inc. (ACJ) and Solid View Capital LLC with fraud and misappropriation. The defendants allegedly took $1 million from investors and misappropriated it. The CFTC froze the defendants’...