Aggregated News From Investment Management Regulators

CFTC Posts Record-Breaking Enforcement Year

Report/Flag

Please complete the required fields.



— The Commodity Futures Trading Commission today announced a record-breaking year in the agency’s Division of Enforcement. In particular, during Fiscal Year 2020, which closed on September 30, 2020, the Commission:

  • Filed more enforcement actions (113) than any other year in the agency’s history;
  • Approved a case imposing the largest monetary relief in the agency’s history, with a $920 million resolution for violations relating to manipulation and spoofing;
  • Filed an action in coordination with more state authorities – 30 states in total – than ever, alleging more than $180 million defrauded from elderly victims;
  • Aggressively pursued fraud occurring during the COVID-19 pandemic, at a time when victims may be particularly vulnerable, filing 29 associated cases since a national emergency was declared on March 13, 2020; and
  • Continued its emphasis on coordination and parallel actions with criminal authorities and its regulatory partners.

“We are tough on those who break the rules, and this historic year only further underscores this point,” said CFTC Chairman Heath P. Tarbert. “The case statistics alone are impressive, but the fact that the enforcement program was this successful even during a pandemic is even more remarkable. I applaud the Division of Enforcement staff for their incredible work, professionalism, and commitment to carrying out the Commission’s mission with integrity and purpose.”

“In the midst of a pandemic, when volatility in the market is high, it is even more important that our team work tirelessly to preserve market integrity and pursue those who break our rules,” added Director of Enforcement James McDonald. “I’m incredibly proud of the Division staff for their contributions to this record-breaking year amid the numerous challenges posed by the virus.”

Full details on FY 2020 enforcement actions will be available in the Division’s annual Enforcement Report, which will be issued later this year.

 

Source link

Regulator Information

Abbreviation: CFTC
Jurisdiction: USA

Recent Articles

Feedback Statement on Funding Financial Regulation and Designated Business Oversight

Published on: 14 May 2021 The Isle of Man Financial Services Authority has today published a Read more

Solid Invest

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

Vision Introducer Ltd t/a Money Bonds Market (Clone of former Appointed Representative firm)

Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out...

CSA and IIROC issue reminder of the implementation date for mandatory transparency requirements related to debt securities

The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) remind banks of mandatory transparency requirements that take effect on...

Get the latest from Regulatory.News in your inbox!

×