Dodd-Frank forces retail OTC precious metals into extinction

Forex.com, via a blogger at ZeroHedge, caused an internet frenzy early this week when they sent notices to customers that, as of July 15th, they would no longer offer retail over-the-counter precious metal trading. These bespoke spots were placed under CFTC jurisdiction by the Dodd-Frank Wall Street Reform...

CFTC wins judgment against unregistered forex dealer

The CFTC announced today that it has obtained a default judgement and permanent injunction against foreign exchange, or forex, dealer ForInvest Group. The Commission filed a complaint against the Delaware-based firm in January 2011, alleging that the firm solicited clients to open off-exchange leveraged...

CFTC to discuss Dodd-Frank rulemaking schedule at Sunshine Act Meetings

The CFTC published a notice to the federal register today announcing a series of meetings to discuss rule-making matters to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, including the publication of final Dodd-Frank rules and the issuance of more proposed rules. The...

NFA implements CPO recordkeeping exemption

The NFA announced today that the CFTC has amended its regulations to codify disclosure, reporting, and record-keeping requirement relief for a certain type of commodity pool operator, or CPO. The exemption will cover any CPO which primarily operates pools already listed and traded on a national security...

Capital Blu Management to pay $17 million for commodity pool fraud

The CFTC announced today that a federal court in Florida has ordered Capital Blu Management, LLC, Donovan Davis Jr, Damien Bromfield, Blayne Davis, and DD International Holdings, LLC (DDIH) to jointly and severally pay restitution of over $2.4 million for commodity pool fraud. Bromfield and Blayne Davis must...

CFTC charges New Jersey CPO with running Ponzi scheme

The CFTC announced today that is has charged Victor Eugene Cilli and his company Progressive Investment Funds LLC (Progressive) with operating a commodity pool Ponzi scheme. The commodity pool operator, or  CPO, allegedly defrauded four investors of a half million dollars, and Cilli is said to have stolen...

Gensler: Temporary relief from Dodd-Frank for swaps

Bloomberg is reporting today that Gary Gensler the the CFTC will consider temporarily exempting swaps from Dodd-Frank implementation this July. In a letter sent to Republican Senators Pat Roberts, Richard Lugar, and Saxby Chambliss, Gensler explained that it will only be temporary relief.“The proposed...

Congressman presses CFTC chairman Gensler to account for oil volatility

In an open letter to CFTC chair Gary Gensler, Congressman Jeff Bingaman requested more information on price formation in the oil market. Specifically, the Senator wanted to know how the CFTC “interprets recent oil market price movement, and whether CFTC believes that those movements are responding...

CTA registration revoked by CFTC for Texas-based firms in follow-up decision

The CFTC announced late yesterday that is has finally revoked commodity trading advisor ( CTA ) registration of M25 Investments, Inc. and M37 Investments, LLC. These Texas-based investment firms and their operators, Scott P. Kear, Sr., Jeffery L. Lyon, were ordered to pay over $16 million in restitution and...

CFTC files complaint against CTA Neal Hall and ShowMeMyFuture.com

UPDATE: The CFTC has published its complaint and companion press release against Neal Hall. The brief alleges that Hall offered services comparable to those performed by a CTA, though he never registered as one. Furthermore, he made extensive use of anonymous customer testimonials and “hypothetical...
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