The Commodity Futures Trading Commission (CFTC
CFTC
The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commission. These are today the largest regulators and authorities in the United States. The Commission works to guarantee that trading on the U.S. futures exchanges are fair and honest and maintain integrity in the marketplace. There are 11 U.S. Futures Exchanges. The Commission is outside of the political realm and is not controlled by any party. To ensure this at no time can more than three members represent the same political party.The CFTC has recently given the go-ahead to a startup exchange that wants to attract individual traders to the risky world of futures. The Small Exchange, headed by a former executive of T.D. Ameritrade Holding Corp., won approval from the Commodity Futures Trading Commission on in 2020 to become the newest U.S. futures exchange. The current exchanges in the U.S. under the regulatory authority of the CFTC include the following: Chicago Board Options Exchange (CBOE) CME Group International Monetary Market (IMM) Chicago Board of Trade (CBOT) Chicago Mercantile Exchange (CME / GLOBEX) New York Mercantile Exchange (NYMEX) and (COMEX) Kansas City Board of Trade (KCBT) NEX Group plc (NXG.L) Intercontinental Exchange (ICE) International Petroleum Exchange (IPE) 2001 New York Board of Trade (NYBOT) 2005 Winnipeg Commodity Exchange (WCE) 2007 TSX Group's Natural Gas Exchange Partnership 2008 European Climate Exchange 2010 Chicago Climate Exchange (CCE) 2010 NYSE 2013 London International Financial Futures and Options Exchange (LIFFE) Minneapolis Grain Exchange (MGEX) Nadex (formerly HedgeStreet) OneChicago (Single-stock futures (SSF's) and Futures on ETFs) Nasdaq Futures Exchange (NFX)
The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commission. These are today the largest regulators and authorities in the United States. The Commission works to guarantee that trading on the U.S. futures exchanges are fair and honest and maintain integrity in the marketplace. There are 11 U.S. Futures Exchanges. The Commission is outside of the political realm and is not controlled by any party. To ensure this at no time can more than three members represent the same political party.The CFTC has recently given the go-ahead to a startup exchange that wants to attract individual traders to the risky world of futures. The Small Exchange, headed by a former executive of T.D. Ameritrade Holding Corp., won approval from the Commodity Futures Trading Commission on in 2020 to become the newest U.S. futures exchange. The current exchanges in the U.S. under the regulatory authority of the CFTC include the following: Chicago Board Options Exchange (CBOE) CME Group International Monetary Market (IMM) Chicago Board of Trade (CBOT) Chicago Mercantile Exchange (CME / GLOBEX) New York Mercantile Exchange (NYMEX) and (COMEX) Kansas City Board of Trade (KCBT) NEX Group plc (NXG.L) Intercontinental Exchange (ICE) International Petroleum Exchange (IPE) 2001 New York Board of Trade (NYBOT) 2005 Winnipeg Commodity Exchange (WCE) 2007 TSX Group's Natural Gas Exchange Partnership 2008 European Climate Exchange 2010 Chicago Climate Exchange (CCE) 2010 NYSE 2013 London International Financial Futures and Options Exchange (LIFFE) Minneapolis Grain Exchange (MGEX) Nadex (formerly HedgeStreet) OneChicago (Single-stock futures (SSF's) and Futures on ETFs) Nasdaq Futures Exchange (NFX)
Read this Term) announced on Thursday that it had ordered a resident of Idaho Falls, Idaho, to pay a $150,000 civil monetary penalty for failing to register as a commodity pool operator (CPO). According to the press release, Cody Malosi Wilson is accused of failing to comply with CFTC regulations regarding CPOs.
Furthermore, the order asks the individual to cease and desist from further violations of the authority’s rulings. Findings by CFTC revealed that between August 2015 and October 2018, Wilson operated several commodity pools under different names, including Young Millionaires, Simple Wealth and Simple Wallet. The Idaho man asked investors for funds through such investment schemes, although the watchdog did not authorize him because he had not registered as a CPO.
“The order also finds that Wilson violated CFTC regulations by receiving funds from pool participants via accounts in his name, commingling pool funds with his own property, and failing to operate each commodity pool as a separate legal entity from himself,” the CFTC commented. This kind of scheme had led the authority to issue several 'Commodity Pool Fraud' advisories.
Recent Commodity-Related Fraud Cases
In May, the CFTC moved against two commodity pool operators and charged LJM Partners Ltd and LJM Funds Management Ltd, which collectively operated as LJM, with commodity pool fraud and releasing false statements about losses. In addition, charges were brought against Anthony J. Caine, the Chairman and owner of the two companies, and Anish Parvataneni, Chief Portfolio Manager.
But more recently, in July, Finance Magnates reported about a civil enforcement action brought by the CFTC against three individuals allegedly involved in a multimillionaire commodities fraud scheme. The commission filed charges before the US District Court for the Southern District of New York against Robert Jeffrey Johnson, Kathleen Hook, Ross Baldwin, Precious Commodities, Inc. (PCI), National Coin Broker, Inc. (NCB) and NCB Wholesale Co. (NCBWC), who were all from Florida.
The Commodity Futures Trading Commission (CFTC
CFTC
The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commission. These are today the largest regulators and authorities in the United States. The Commission works to guarantee that trading on the U.S. futures exchanges are fair and honest and maintain integrity in the marketplace. There are 11 U.S. Futures Exchanges. The Commission is outside of the political realm and is not controlled by any party. To ensure this at no time can more than three members represent the same political party.The CFTC has recently given the go-ahead to a startup exchange that wants to attract individual traders to the risky world of futures. The Small Exchange, headed by a former executive of T.D. Ameritrade Holding Corp., won approval from the Commodity Futures Trading Commission on in 2020 to become the newest U.S. futures exchange. The current exchanges in the U.S. under the regulatory authority of the CFTC include the following: Chicago Board Options Exchange (CBOE) CME Group International Monetary Market (IMM) Chicago Board of Trade (CBOT) Chicago Mercantile Exchange (CME / GLOBEX) New York Mercantile Exchange (NYMEX) and (COMEX) Kansas City Board of Trade (KCBT) NEX Group plc (NXG.L) Intercontinental Exchange (ICE) International Petroleum Exchange (IPE) 2001 New York Board of Trade (NYBOT) 2005 Winnipeg Commodity Exchange (WCE) 2007 TSX Group's Natural Gas Exchange Partnership 2008 European Climate Exchange 2010 Chicago Climate Exchange (CCE) 2010 NYSE 2013 London International Financial Futures and Options Exchange (LIFFE) Minneapolis Grain Exchange (MGEX) Nadex (formerly HedgeStreet) OneChicago (Single-stock futures (SSF's) and Futures on ETFs) Nasdaq Futures Exchange (NFX)
The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commission. These are today the largest regulators and authorities in the United States. The Commission works to guarantee that trading on the U.S. futures exchanges are fair and honest and maintain integrity in the marketplace. There are 11 U.S. Futures Exchanges. The Commission is outside of the political realm and is not controlled by any party. To ensure this at no time can more than three members represent the same political party.The CFTC has recently given the go-ahead to a startup exchange that wants to attract individual traders to the risky world of futures. The Small Exchange, headed by a former executive of T.D. Ameritrade Holding Corp., won approval from the Commodity Futures Trading Commission on in 2020 to become the newest U.S. futures exchange. The current exchanges in the U.S. under the regulatory authority of the CFTC include the following: Chicago Board Options Exchange (CBOE) CME Group International Monetary Market (IMM) Chicago Board of Trade (CBOT) Chicago Mercantile Exchange (CME / GLOBEX) New York Mercantile Exchange (NYMEX) and (COMEX) Kansas City Board of Trade (KCBT) NEX Group plc (NXG.L) Intercontinental Exchange (ICE) International Petroleum Exchange (IPE) 2001 New York Board of Trade (NYBOT) 2005 Winnipeg Commodity Exchange (WCE) 2007 TSX Group's Natural Gas Exchange Partnership 2008 European Climate Exchange 2010 Chicago Climate Exchange (CCE) 2010 NYSE 2013 London International Financial Futures and Options Exchange (LIFFE) Minneapolis Grain Exchange (MGEX) Nadex (formerly HedgeStreet) OneChicago (Single-stock futures (SSF's) and Futures on ETFs) Nasdaq Futures Exchange (NFX)
Read this Term) announced on Thursday that it had ordered a resident of Idaho Falls, Idaho, to pay a $150,000 civil monetary penalty for failing to register as a commodity pool operator (CPO). According to the press release, Cody Malosi Wilson is accused of failing to comply with CFTC regulations regarding CPOs.
Furthermore, the order asks the individual to cease and desist from further violations of the authority’s rulings. Findings by CFTC revealed that between August 2015 and October 2018, Wilson operated several commodity pools under different names, including Young Millionaires, Simple Wealth and Simple Wallet. The Idaho man asked investors for funds through such investment schemes, although the watchdog did not authorize him because he had not registered as a CPO.
“The order also finds that Wilson violated CFTC regulations by receiving funds from pool participants via accounts in his name, commingling pool funds with his own property, and failing to operate each commodity pool as a separate legal entity from himself,” the CFTC commented. This kind of scheme had led the authority to issue several 'Commodity Pool Fraud' advisories.
Recent Commodity-Related Fraud Cases
In May, the CFTC moved against two commodity pool operators and charged LJM Partners Ltd and LJM Funds Management Ltd, which collectively operated as LJM, with commodity pool fraud and releasing false statements about losses. In addition, charges were brought against Anthony J. Caine, the Chairman and owner of the two companies, and Anish Parvataneni, Chief Portfolio Manager.
But more recently, in July, Finance Magnates reported about a civil enforcement action brought by the CFTC against three individuals allegedly involved in a multimillionaire commodities fraud scheme. The commission filed charges before the US District Court for the Southern District of New York against Robert Jeffrey Johnson, Kathleen Hook, Ross Baldwin, Precious Commodities, Inc. (PCI), National Coin Broker, Inc. (NCB) and NCB Wholesale Co. (NCBWC), who were all from Florida.