The CFTC reports that it has settled charges against Merrill Lynch Commodities, Inc. (MLCI), a provisionally registered swap dealer that is part of the Bank of America Corp. (BAC), for “spoofing, manipulation, and attempted manipulation over a six-year period with respect to certain precious metals futures contracts.” The settlement will cost MLCI an estimated $25… Read More >>
Bitcoin Broker Pays $990K Penalty for Alleged Violations
A brokerage located in the Marshall Islands, 1pool Ltd., and Patrick Brunner, its owner and CEO, are paying a $990,000 civil penalty to resolve a CFTC consent order charging them in federal court with making “illegal bitcoin-related transactions,” failing to register as a futures commission merchant (FCM) and “failing to meet its supervisory duties by… Read More >>
Social Media Played Role in Alleged FX Scam
The CFTC is taking legal action via the federal court system against an individual allegedly running a foreign exchange (FX) trading scam that exploited social media outlets to lure more than 140 fraud victims. Citing a misappropriation of customer funds and many regulatory violations, the regulator has entered a preliminary injunction via the U.S. District… Read More >>
CFTC Charges FCM with Neglecting Cybersecurity
AMP Global Clearing LLC (AMP), a registered futures commission merchant (FCM) settled charges with the CFTC over allegations of inadequate cybersecurity protections that led to an unauthorized copying of 97,000 client files. The Chicago-based AMP has been registered as an FCM with the CFTC since 2010, officials say. The CFTC has issued an order and… Read More >>
CFTC Taps Federal Prosecutor to be Enforcement Director
Jamie McDonald to Start CFTC Post on April 10 James McDonald, who has served as a prosecutor in the Southern District of New York, has been named the director of the CFTC’s Enforcement Division, according to the CFTC’s Acting Chairman J. Christopher Giancarlo. McDonald will replace Vince McGonagle, who has been serving as acting director… Read More >>
