CHS Hedging, a registered futures commission merchant based in Inver Grove Heights, Minn., is paying a penalty of $6.5 million to the Commodity Futures Trading Commission to settle charges that it had inadequate anti-money laundering (AML), risk management, recordkeeping, and supervisory controls over a trading account of a cattle rancher running a $244 million “Ghost… Read More >>
Avoiding Scams That Steal Your Heart & Money
Just in time for Valentine’s Day, the CFTC has issued a Customer Advisory that is meant to serve as a warning for people who use online dating and social media platforms but get pulled into scams where they send money to “fraudulent websites that claim to trade foreign currency exchange (forex) contracts, precious metals contracts,… Read More >>
U.S. Leads U.K. in Regulating Financial Crime: Report
The United States is far tougher than the United Kingdom when it comes to imposing penalties for “serious economic crime such as financial fraud or money laundering.” That is the view of Corruption Watch, a London-based anti-corruption non-governmental organization, or NGO, founded in 2009. Most recently, Corruption Watch “conducted an in-depth analysis of the enforcement… Read More >>
Justice Department Compensates Madoff Victims via Asset Forfeiture Funds
The Department of Justice (DoJ) reports that the Madoff victim fund (MVF) has begun its initial distribution of $772.5 million in funds forfeited to the U.S. government in connection with the Bernard L. Madoff Investment Securities LLC (BLMIS) fraud scheme. Bernard “Bernie” Madoff is, of course, the perpetrator of the largest financial fraud in American… Read More >>
