CFTC
FXOpen settles with the CFTC for accepting US clients
- This was one of the biggest news last year - CFTC sued 14 forex firms (and then 11 more) for various infringements of its laws including accepting US clients. Some firms (offshore ones) decided to ignore this all together and keep accepting American clients, some stopped accepting them but didn't settle and some managed to settle the case.
Thursday, 05/01/2012 | 19:25 GMT by
Michael Greenberg
CFTC orders Gain Capital to pay a client $10,000 for lost profits
- CFTC just published its decision in a case of Robert West vs. Gain Capital and Glenn Stevens ordering Gain to pay West $10,000 for lost profits. The whole case is a fascinating read of how a regulated forex broker handles a complete novice in the forex market and how this can sometime backfire
Monday, 19/12/2011 | 08:51 GMT by
Michael Greenberg
CFTC's Statement Regarding MF Global funds - We are still looking for them
- CFTC just released a statement about the final location of the missing MF Global customer funds - basically they say they are making good progress at tracking them but still cannot confirm that all funds are accounted for.
Thursday, 15/12/2011 | 15:34 GMT by
Michael Greenberg
US retail forex capital grew by $30 million in October 2011
- Conversely to the September 2011 where US retail forex deposits shrank by $20 million, in October total amount of retail forex obligations by American FCMs and RFEDs grew by $30 million. It seems there's quite a volatility month on month in terms of how much money retail forex traders (not only American ones) are holding at the American retail forex brokers. This may be due to variety of reasons such as more aggressive marketing, traders' profitability, acquisitions, etc.
Monday, 12/12/2011 | 11:54 GMT by
Michael Greenberg
CFTC to introduce a rule on investment of customer funds following MF Global's fiasco
- So it only takes half a billion dollars in customer funds to disappear before CFTC takes an action aimed at large FCMs. In the wake of MF Global's fiasco CFTC has finally decided to reintroduce a rule that will limit the investment of customer funds to many instruments thus 'enhancing customer protection'
Tuesday, 06/12/2011 | 10:23 GMT by
Michael Greenberg
Federal Court Orders Forex Dealer Jacob Juma Omukwe to Pay over $2.6 Million for Forex Scheme
- Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) obtained a supplemental consent order requiring defendants Jacob Juma Omukwe and his companies, JadeFX, LTD (JadeFX) and Jade Investments Group, LLC (Jade), jointly and severally to pay over $2.6 million in restitution and civil monetary penalties to settle a CFTC anti-fraud enforcement action filed in March 2011.
Wednesday, 23/11/2011 | 15:09 GMT by
Michael Greenberg
CFTC Charges Nicholas Trimble and His Two Companies with Million Dollar Forex Scheme
- Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) filed a civil injunctive complaint charging defendants Nicholas Trimble and his companies, Capstone FX Quantitative Analysis, Inc. (Capstone) and Beekeepers Fund Capital Management, LLC (Beekeepers), all of Denver, Colo., with fraudulently soliciting at least $1.1 million from customers to trade foreign currency (forex) through pooled and managed trading accounts using a proprietary forex trading system.
Wednesday, 09/11/2011 | 17:03 GMT by
Michael Greenberg
Federal Court Orders Charlotte, NC, Couple and Their Companies to Pay $24 Million for Defrauding Customers in Forex Ponzi Scheme
- Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced it obtained a federal court supplemental consent order requiring defendants Sidney S. Hanson, Charlotte M. Hanson, and their companies, Queen Shoals, LLC, Queen Shoals II, LLC, and Select Fund, LLC, to pay $24 million in restitution and civil monetary penalties for defrauding customers and misappropriating millions of dollars in a foreign currency (forex) Ponzi scheme (see CFTC Press Release 5689-09, August 7, 2009).
Wednesday, 02/11/2011 | 12:34 GMT by
Michael Greenberg
CFTC-SEC Statement on MF Global, hundreds of millions of client funds may be missing
- This story just keeps getting 'better' - since yesterday's post about MF's possible sale, MF has declared bankruptcy and was trying to be bough by IB. However the deal doesn't seem to go through as there are suspicions that huge amount of client funds is missing.
Tuesday, 01/11/2011 | 13:18 GMT by
Michael Greenberg
CFTC Charges Linda Harris, Chance Harris and Two of Their Companies with Forex Fraud
- Linda Harris's name sounded vaguely familiar and I went through all my contacts and emails. And viola! in May 2009 (one month after FM's launch) I found an email exchange with Linda Harris who used the lharris@cdhgroupllc.com email and represented to me that she was a registered CTA offering Forex investment management via Managed Account Program and Forex Investment Advisory service. She also said that she used Advanced Markets for her Managed Accounts Program.
Tuesday, 25/10/2011 | 20:36 GMT by
Michael Greenberg
CFTC releases August 2011 financial data - total US forex deposits up $19 million
- Every month or so CFTC releases financial data for its members. In the past year or so CFTC also releases the total amount of retail forex obligations for retail forex brokers (under FCMRFD and RFED statuses) which shows us how much 'retail money' is held by US forex brokers.
Tuesday, 11/10/2011 | 22:25 GMT by
Michael Greenberg
Ray White and CRW Management to pay over $19 million in forex fraud case
- Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) obtained federal court consent orders resolving its remaining claims against defendants Ray M. White and CRW Management LP (CRW) and relief defendants Christopher R. White and Hurricane Motorsports, LLC, all of Mansfield, Texas.
Tuesday, 11/10/2011 | 22:01 GMT by
Michael Greenberg
CFTC Obtains Default Judgment against Barki LLC in a $38 Million Forex Ponzi Scheme
- Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that the U.S. District Court for the Western District of North Carolina entered an order of default judgment and permanent injunction against Barki, LLC of Mint Hill, N.C.
Tuesday, 11/10/2011 | 21:54 GMT by
Michael Greenberg
FXCM ordered to pay $6 million more by the CFTC to settle allegations of failure to monitor and maintain its trading systems
- In total FXCM will pay over $16.2 million to settle NFA and CFTC's charges. This is the continuation of the NFA's fine back in August which charged FXCM with retaining gains derived from positive price slippage; failing to adopt or carry out adequate procedures to ensure the efficient execution of all customer orders; failing to treat all customers equally when giving price adjustments; and failing to adequately investigate suspicious activity in all customers’ accounts. The Complaint charged FXCM and Niv with failing to supervise.
Monday, 03/10/2011 | 18:04 GMT by
Michael Greenberg
Son of forex fraudster to pay over dad's forex ponzi scheme
- A Texas race car driver whose career was subsidized by his imprisoned father's $10.9 million Ponzi scheme agreed to give up $322,000 in ill-gotten gains on Tuesday in a suit brought by securities regulators over the scam.
Sunday, 02/10/2011 | 17:09 GMT by
Michael Greenberg
CFTC Charges Accounting Firm McGladrey & Pullen, LLP, and Partner David Shane with Failure to Properly Audit One World Capital Group
- It's extremely interesting to see CFTC taking the oversight of its members one step further by going after not only its member firms but even after their auditors - if those failed to do their job. CFTC just charged an accounting firm and one of its partners for failing to properly audit One World Capital Group - a former forex broker which ceased its operations in 2007. This adds to CFTC's aggressive pursuit of even completely foreign firms which it perceives as breaking its rules.
Friday, 23/09/2011 | 03:56 GMT by
Michael Greenberg
A new US retail forex broker is born - OptionsXpress registers as an RFED
- As expected OptionXpress has registered as an RFED with the CFTC and will soon become open for retail forex business. XPRESSTRADE, LLC (www.xtfx.com) is capitalized at $22,841,980 and already has $17,720 in retail forex customers obligations. OptionsXpress is the second 'traditional' broker to start offering retail foreign exchange after TradeStation.
Monday, 12/09/2011 | 12:43 GMT by
Michael Greenberg
CFTC Charges Jeffrey Liskov and EagleEye Asset Management with Committing a $3 Million Forex Fraud
Friday, 09/09/2011 | 04:07 GMT by
Michael Greenberg
CFTC Charges Douglas Elsworth Wilson in Multi-Million Dollar Commodity Futures and Forex Scheme
- Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today announced that on August 18, 2011 a federal court in California entered an order freezing the assets of defendants Douglas Elsworth Wilson of Poway, Calif., and three California companies that he controls and manages, Elsworth Berg Capital Management LLC (EBCM), Elsworth Berg Inc., and Elsworth Berg FX LLC (collectively, Elsworth Berg). The order also prohibits the destruction of their books and records.
Tuesday, 23/08/2011 | 06:37 GMT by
Michael Greenberg
Amendments to NFA's Forex Requirements Including NFA's Jurisdiction Over Members Engaging in Forex Activities
- Basically NFA here extends its grip on more retail forex market participants than now. The Commodity Futures Trading Commission (CFTC) recently approved a number of amendments to NFA Requirements that govern the retail forex activities of NFA Members. These amendments to NFA Bylaws 301 and 306, NFA Compliance Rules 2-10, 2-36 and 2-39, Code of Arbitration Section 1 and Interpretive Notices 9053, 9058 and 9060 will become effective October 1, 2011.
Wednesday, 17/08/2011 | 10:59 GMT by
Michael Greenberg
CFTC Charges Blue Sky Capital Management and Gregory Schneider with Making False Statements to the NFA
Friday, 12/08/2011 | 05:54 GMT by
Michael Greenberg
CFTC releases Q2 2011 financial data - overall retail forex deposits are $9 million lower
- CFTC requires all its members to submit their own capital reports and for members (RFEDs and FCMs) the amount of retail forex obligations. For some reason this report wasn't made public since April and now CFTC made available the monthly reports for May, June and July. This allows us to track the amount of retail forex obligations for all US retail forex brokers.
Thursday, 11/08/2011 | 07:29 GMT by
Michael Greenberg
Federal Court Finds that Gary and Brenda Martin and Queen Shoals Consultants Defrauded Customers in Forex Scheme
Tuesday, 09/08/2011 | 13:05 GMT by
Michael Greenberg
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