Commodities trading firm pays penalty for ‘spoofing’ charges
CHICAGO (AP) — A Chicago commodities trading firm has agreed to pay a $1.5 penalty after admitting to the Commodity Futures Trading Commission it created and instantly canceling fake orders to induce favorable transactions.
Geneva Trading USA admitted that at least three of its traders engaged in "spoofing" between 2013 and 2016. The orders involved futures contracts that were traded at the Chicago Mercantile Exchange.
Feds, Failing to Find Alleged Longmont Bitcoin Scammer, Ask for OK to Serve Him Via Email
A Longmont man accused of defrauding investors with his Bitcoin-based investment company has eluded being served papers by the federal agency suing him for allegedly defrauding investors of more than $1 million.
Dillon Dean and his company, The Entrepreneurs Headquarters (TEH), in January were charged by the U.S. Commodity Futures Trading Commission (CFTC) for conducting a "fraudulent Ponzi-style" scheme, misappropriating funds and failing to register with the agency.
The longest winning streak in two decades propelled cotton to 2017's biggest increase among crop commodities, and hedge funds are ready for more gains in 2018.
Of the nine components tracked by the Bloomberg Agriculture Subindex, only cotton and wheat contracts posted gains last year. The fiber led the way with an 11 percent advance as demand grew for U.S. exports. Prices capped 2017 with 10 straight weekly gains, the best streak since 1998.
Cargill Inc. agreed to pay a $10 million penalty for concealing the full value of certain swap trades to protect its own revenue, the U.S. Commodity Futures Trading Commission announced Monday.
Administration calls for easing rules for financial markets
WASHINGTON (AP) — The Trump administration on Friday recommended ways to loosen the rules governing the U.S. stock, bond and derivatives markets, proposing a rollback of a variety of tougher requirements adopted in the wake of the 2008 financial crisis.
Senate confirms Trump choice to head commodity agency
WASHINGTON (AP) — The Senate on Thursday confirmed President Donald Trump's choice to head the federal agency overseeing some of the riskiest corners of the financial world.
Former brokerage firm executive J. Christopher Giancarlo was approved Thursday as chairman of the Commodity Futures Trading Commission. He has been acting head of the agency since January.
Giancarlo has said he plans to ease regulations put in place following the 2008 financial crisis.
Trump’s CFTC pick intends to slash financial regulations
WASHINGTON (AP) — President Donald Trump's choice to head the agency overseeing some of the riskiest corners of the financial world says he plans to ease regulations put in place following the 2008 market meltdown.
Trump announced Tuesday that he is naming former brokerage firm executive J. Christopher Giancarlo as chairman of the Commodity Futures Trading Commission.
STAMFORD — The U.S. Commodity Futures Trading Commission on Friday ordered Royal Bank of Scotland to pay an $85 million civil penalty to settle charges that traders at its Stamford complex allegedly tried to manipulate a benchmark for interest-rate products during a period spanning the global financial crisis.
Corzine to pay $5M penalty to resolve MF Global case
WASHINGTON (AP) — Jon Corzine, the former New Jersey governor who led the collapsed brokerage MF Global, has been ordered to pay a $5 million penalty for his role in the firm's alleged illegal use of almost $1 billion in customer funds.
A federal court in Manhattan on Thursday issued the order against Corzine, in line with civil charges brought against him in 2013 by the U.S. Commodity Futures Trading Commission.
CFTC Chair Massad is latest finance regulator to leave
WASHINGTON (AP) — The head of a federal agency that oversees potentially risky financial market activities will leave office at the end of the Obama administration on Jan. 20.
Timothy Massad announced his resignation Tuesday as chairman of the Commodity Futures Trading Commission. President Barack Obama appointed the corporate attorney and former Treasury Department official to the post in November 2013. His term doesn't end until 2019.
Goldman ordered to pay $120M to settle manipulation charges
WASHINGTON (AP) — Goldman Sachs has been ordered to pay $120 million to settle federal regulators' charges that it deliberately manipulated a global benchmark for interest-rate swaps to its advantage.
The U.S. Commodity Futures Trading Commission said Wednesday that several Goldman traders, including the head of the bank's Interest Rate Products Trading Group in the U.S., used trades and false reports to manipulate the benchmark between 2007 and 2012.
Ex-Delta executive to pay more than $5 million over trades
WASHINGTON (AP) — A former Delta Air Lines Inc. executive will pay more than $5 million to settle charges that he profited improperly by manipulating trades in energy futures.
The Commodity Futures Trading Commission said Thursday that Jon P. Ruggles would give up $3.5 million in ill-gotten profits and pay a $1.75 million civil penalty.
Hedge-fund manager Cohen settles with US commodities agency
WASHINGTON (AP) — Billionaire hedge-fund manager Steven A. Cohen, who was earlier accused of failing to prevent insider trading at his firm, has agreed in a settlement with the government not to engage in any activities overseen by federal commodities regulators until at least Dec. 31, 2017.
- Business WireIHS Markit President Adam Kansler Appointed to CFTC’s Global Markets Advisory CommitteeMarch 21, 2019
- Business WireTABB Group Founder Re-Nominated as Member of CFTC’s Technology Advisory Committee (TAC)March 11, 2019
- Business WireHagens Berman’s Client and CFTC Whistleblower Receives $2 Million Award for Reporting Fraud under Dodd-Frank ActMarch 5, 2019