CFTC Obtains Federal Court Order Against Wagner and Wagner for $2m

The U.S. Commodity Futures Trading Commission (CFTC) obtained a federal court Order against defendants Rodney Wagner and Roger Wagner, and their company GID Group, Inc. The Texas court requires the Wagner brothers and GID to jointly pay approximately $1.37 million in restitution to defrauded customers, and a...

NFA Responds to Peregrine Financial Group Audits

The National Futures Association (NFA) announced its intention to implement 21 changes and recommendations to how it manages futures industry firms. The news comes after the Berkeley Research Group (BRG), as part of its independent analysis of NFA’s audits of the Peregrine Financial Group, uncovered...

CFTC Seeks to Revoke Registration of Crabapple Capital for $1m Fraud

The U.S. Commodity Future Trading Commission (CFTC) announced yesterday that it intends to revoke Associated Persons ( AP), Commodity Pool Operator (CPO) and Commodity Trading Advisor CTA) registrations for Crabapple Capital and its principal, Robert A. Christy. The CFTC’s intent to revoke the...

CFTC Enforcement Watch for 2013: Commodity Pool Scams, Rate-Rigging…

If the final quarter of 2012 is any indication, the U.S. Commodity Futures Trading Commission (CFTC) will continue to pursue commodity pool scams, failed registration, and rate-rigging enforcement in 2013. CFTC Enforcement for 2013 To close the year, the CFTC issued enforcement actions against a number of...

CFTC Struggles to Find the Rhythm of Regulation

The U.S. Commodity Futures Trading Commission (CFTC) is struggling to find a rhythm for new rules meant to curb systemic risk in the financial system. Bloomberg is now reporting that the CFTC may delay derivatives compliance rules for overseas wings of U.S. Banks JPMorgan Chase & Co. and Goldman Sachs...

CFTC Cracks Down on Commodity Pool Ponzi Schemes

The U.S. Commodity Futures Trading Commission (CFTC) issued a statement yesterday announcing that Judge Edward J. Lodge of the U.S. District Court of Idaho entered a permanent injunction requiring Trigon Group, Inc, to return $20.6 million in ill-gotten gains. Trigon is accused of operating a commodity pool...

CFTC Enforcement Blitz: Eagle, Intrade, Cantor, Harbor Light

The U.S. Commodity Futures Trading Commission (CFTC) seems to be increasing the rate of its enforcement of financial regulation. The agency issued four new enforcement actions in the last week, against Eagle Market Makers, Cantor Fitzgerald, Harbor Light, and most recently, Intrade. CFTC Issues Enforcement...

SEC Update: Mary Schapiro Steps Down, Elisse Walter New Chairwoman

The Securities and Exchange Commission (SEC) will have a new chairwoman beginning on Dec. 14. On that date, Mary Schapiro, the current chairwoman and Obama administration appointee, will step down. Schapiro took over the SEC after the agency failed to identify the Madoff Ponzi scheme. The SEC under Schapiro...

CFTC fines $6 million for forex ponzi scheme

Th CFTC filed an order against Flint-McClung Capital (FMC) of Englewood, Colorado and Shawon McClung of Denver, Colorado, charging them a $1,701,250 restitution and a $4.3 million civil monetary penalty. According to the order, the CFTC found that the defendants solicited and received at least $2.4 million...

CFTC fines FCM $2.5 million

The CFTC simultaneously filed and settled charges against a Chicago-based Futures Commission Merchant. Rosenthal Collins Group, LLC failed to supervise the handling of an account, which Enrique Villalba, an Ohio resident, used in a multi-million Ponzi scheme. The CFTC sued Villalba in 2010. According to the...
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