The CFTC has filed charged against two Indian citizens, Deepak Singhal (a resident of California) and Meera Singhal (a resident of India). The complaint alleges that the defendants engaged in transactions in violation of the CEA, specifically hundreds of fictitious trades.
According to the CFTC complaint, from December 16, 2010 to December 29, 2010, the defendants conducted a series of illegal commodity options transactions. These foreign currency options trade were executed on the Chicago Mercantile Exchange. The defendants specifically completed 424 non-competitive, fictitious trades. Though this scheme, Deepak Singhal allegedly transferred at least $118,868.75 in profits to Meera Singhal’s account in India.
The CFTC is seeking the return of ill-gotten gains, restitution, civil monetary penalties, trading and registration bans, and permanent injunctions against further violations of the federal commodities laws.