Goldman target of CFTC investigation, charges likely

Financial giant Goldman Sachs has been under scrutiny by the CFTC, and has disclosed in its quarterly report that the agency may be filing charges soon. The Wall Street Journal reported this morning that CFTC has told Goldman it “intends to recommend…aiding and abetting, civil fraud and...

Marat Yunusov ordered by Federal Court to pay civil monetary penalty for illegal futures trading

Late last week, a federal judge in Illinois ordered Marat Yunusov to pay a half million dollars as a civil monetary penalty for fictitious trading and noncompetitive trading practices on the Chicago Mercantile Exchange (CME). Yunusov, a Russian national , has also been permanently banned from any...

Jeffrey L. Groendyke charged by CFTC with operating Ponzi scheme

The CFTC has filed an enforcement action against Michigan resident Jeffrey L. Groendyke for his business dealings via the JG Forex Fund (JGF). The complain alleges that JGF was a Ponzi scheme, and Groendyke has been charged with fraud and misappropriation of funds. The scheme stole over $900,000 from 54...

CFTC settles charges against Howard Winell, Winell Associates, Inc. and Maxie Partners GP, LLC

Yesterday the CFTC filed and settled charges against the New York City-based firms of Howard Winell, Winell Associates, Inc., and Maxie Partners GP, LLC. The three were accused of unauthorized trading and misappropriating funds while they were running a commodity futures and options pool. Since 2005, the...

SEC shuts down China Voice Holding Corp. Ponzi Scheme

The SEC announced today that it has frozen the assets of China Voice Holding Corp., alleging that its co-founder David Ronald Allen and his associates Alex Dowlatshahi and Christopher Mills were running the business as a Ponzi scheme worth $8.6 million. According to the SEC, Allen and his associates run the...

FIN FX LLC finds itself target of NFA emergency enforcement action

Today, the NFA took emergency enforcement action against the Texas-based Commodity Trading Advisor FIN FX LLC. The action came as a result of an NFA investigation, which found FINFX (along with its principal, Leon Wolmarans) was soliciting customers using false information, including deceptive claims on...

Brian Kim and Liquid Capital Management ordered to pay more than $12 million by federal court

On April 15th, the CFTC obtained a federal order from a federal court in New York to force Brian Kim and Liquid Capital Management LLC to pay in excess of $12 million in restitution and penalties for defrauding a commodity pool. $3.1 will go to fraud victims, including Kim’s Condominium Association, and...

CFTC charges Green Tree Capital with fraud in forex scheme

The U.S. Commodity Futures Trading Commission (CFTC) announced on April 14 that it charged Lyndon Lydell Parrilla and his company, Green Tree Capital, both of California, with operating a fraudulent multi-million dollar foreign exchange scheme since 2009. A Federal court issued an emergency order freezing...

FSA fines N&P £1.4 million

The Financial Services Authority (FSA) has fined Norwich and Peterborough Building Society (N&P) £1.4 million for failing to give its customers suitable advice in relation to the sale of Keydata products. N&P will make payments to all customers to ensure they do not lose out as a result of their...

New amendments to NFA arbitration proceedings

The Commodity and Futures Trading Commission (CFTC) recently approved certain amendments to Interpretive Notice 9031 (“Standard List of Documents to be Exchanged Under Section 8 of NFA’s Code of Arbitration”). This section involves a party’s obligations to automatically exchange...
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