A civil enforcement action was filed today in the U.S. District Court for the Eastern District of Missouri against Joshua Christian McDonald, and his company Perfection PR Firm LLC (PPR), by the Commodity Futures Trading Commission. McDonald’s company, out of California and Tennessee, was charged for an off-exchange foreign currency trading scheme of fraud and
On February 13th, the Commodity Futures Trading Commission (CFTC) announced a filing and charges against Matthew R. White of M.W. Global Futures LLC (MWGF) for fraud. MWGF requested and obtained money from six pool participants, and then went on to use the funds in his personal bank and trading accounts. Only a small amount of
On February 11th, Q3 Holdings, LLC and Q3 I, LP and its principal, Michael Ackerman, were charged with over $33 million in a fraudulent digital asset scheme by the U.S. District Court of the Southern District of New York. The Commodity Futures Trading Commission (CFTC) made public the complaint, alleging that the defendants performed fraud
Magnify Money posted an article today discussing binary options, and how to simplify the understanding of them. In short, binary options are a form of options trading that comes with one of two payoff options: a fixed amount or none at all. They are a financial instrument based on the value of an underlying asset,
On January 3, 2020, the NFA distributed a letter on behalf of the CFTC to all registrants. The letter addresses serious issues raised by the WSJ as it relates to cloud service providers that may have been compromised by a series of hacking attacks. The CFTC is requesting that any CPOs, CTAs, IBs and RFEDs
Perry, among other professionals, discusses high-profile Initial Coin Offerings “ICO” cases this year and potential effective regulatory clarity in the cryptocurrency industry in Finance Magnates article posted today. “The high-profile filings by the SEC show that they are increasing their scrutiny on the space,” said Braden Perry, Government Investigations and Corporate Governance Counselor at Kennyhertz
The U.S. Commodity Futures Trading Commission (“CFTC”) ordered the filing and finalizing of charges of $67.4 million versus Tower Research Capital LLC, a proprietary trading firm. The CFTC alleged that over a length of almost two years, Tower violated multiple sections of the Commodity Exchange Act by a deceptive and manipulative scheme of spoofing in
Partner Braden Perry, as part of Kennyhertz Perry’s Commodities, Futures, and Derivatives practice group, advises clients on a wide range of commodities and derivatives regulatory matters, and works with companies on compliance with the complex laws and regulations governing the securities and derivatives industries. Perry, a former Commodity Futures Trading Commission (“CFTC”) Senior Trial Attorney
The Chicago Mercantile Exchange (CME) and Commodity Futures Trading Commission (CFTC) issued an Order filing and settling charges against Nathan Harris, a registered trader, for fraud, unauthorized trading, and violating speculative position limits in live cattle futures contracts. It’s alleged that between January 2012 and August 2014, Harris engaged in fraud and unauthorized trading by
Yesterday, the Commodity Futures Trading Commission (“CFTC”) filed a motion with the court in CFTC v. Kraft and Mondelez (15-2881 N.D. Ill.) to vacate its order setting an evidentiary hearing or, in the alternative, stay the matter pending appellate review. It also requested an enlargement to the briefing page limitations. The motions were filed under
The CFTC action against Kraft and Mondelez for manipulation of the wheat futures markets is over. Yesterday, Kraft and Mondelez agreed to a $16 million civil monetary penalty and an injunction against future manipulative actions. Interestingly, the CFTC cannot comment on the action because it agreed to the following provision in the consent order: “Neither
Lawrence Fejokwu and his company, Chazon QTA Quantitative Trading Artists LLC, was banned from National Futures Association (NFA) membership after Fejokwu refused to help with its investigation. The U.S. Commodity Futures Trading Commission (CFTC) agreed with the NFA, and the Third Circuit ruled that the CFTC didn’t abuse its discretion in sustaining the ban. Now,
