The Commodity Futures Trading Commission (“CFTC”) announced a whistleblower award totaling more than $2 million to be paid to an individual whistleblower. The CFTC granted the whistleblower’s award application for
June 25, 2018 Update: The CFTC continued its actions against a Trading Strategy and Systems Scheme today, with a Consent and Default Order against Open Range Trading LLC (Open Range) with
The Commodity Futures Trading Commission (CFTC) obtained a Consent Order against SchoolofTrade.com (SoT), in connection with the offer and sale of futures trading strategies and systems. The Defendants allegedly: 1)
Non-Registrants face many CFTC rules and regulations, and increasingly the obligation to file certain reporting forms, including Forms 204 and 304. Violations of these obligations have been highlighted recently in several CFTC enforcement actions, including CHS Inc., Marubeni America Corporation, and most recently Agrocorp International Pte Ltd. and Golden Agri International Pte Ltd.
Non-Registrant knowledge and understanding of the very technical and sometimes contradictory reporting minutia. If you have questions regarding CFTC Forms 204 and 304, Regulation 19.01, or any other CFTC rule or regulation, please contact Braden Perry with Kennyhertz Perry, LLC’s Commodities, Futures, and Derivatives, and Government Enforcement practice groups, where roots of the practice are in the commodities markets, where Mr. Perry spent time as a CFTC Senior Trial Attorney. Kennyhertz Perry lawyers regularly advise our clients on compliance with the complex laws and regulations governing the securities and derivatives industries, including the Commodity Futures Modernization Act of 2000, the Commodity Exchange Act, and CFTC regulations, and the rules of the derivatives exchanges and clearinghouses and other industry self-regulatory organizations. Kennyhertz Perry lawyers guide clients on comment-making about proposed legislation and regulation, provide ongoing operational and compliance counseling, and offer advice on modifications of transaction structure and documentation. Mr. Perry also brings his enforcement experience and his substantial prior experience in white collar criminal defense practice, and represents corporate clients and individual officers and directors at every stage of government investigations and enforcement actions – including white collar criminal matters – initiated by state and federal agencies, including the CFTC and NFA.
In another enforcement action involving failure to file CFTC from 2014 as required by CFTC Regulation 19.01, the Commodity Futures Trading Commission ordered Golden Agri International Pte Ltd. to pay $150,000. This follows similar actions against farm co-op CHS Inc. and Marubeni America Corporation and is a reminder to reportable market participants of their ongoing legal obligation to comply in a timely manner with Regulation 19.01, which prescribes the form and manner for submitting Form 204 reports to the Commission for wheat, corn, oats, soybeans, soybean oil, and soybean meal. Regulation 19.01(b) requires that the Form 204 report be made monthly by the close of business on the last Friday of the month, and filed with the Commission’s Office in Chicago, IL by the third business day following the date of the report or via facsimile, telephone, or mail.
Failure to file Form 204 reports in a timely manner and follow instructions constitutes a violation of Regulation 19.01, which is actionable under the Commodity Exchange Act (“CEA”) and Commission regulations and these actions show that enforcement proceedings will brought against nonconforming companies.
If you have questions regarding CFTC Form 204, Regulation 19.01(b), or any other CFTC rule or regulation, please contact Braden Perry with Kennyhertz Perry, LLC’s Commodities, Futures, and Derivatives, and Government Enforcement practice groups, where roots of the practice are in the commodities markets, where Mr. Perry spent time as a CFTC Senior Trial Attorney. Kennyhertz Perry lawyers regularly advise our clients on compliance with the complex laws and regulations governing the securities and derivatives industries, including the Commodity Futures Modernization Act of 2000, the Commodity Exchange Act, and CFTC regulations, and the rules of the derivatives exchanges and clearinghouses and other industry self-regulatory organizations. Kennyhertz Perry lawyers guide clients on comment-making about proposed legislation and regulation, provide ongoing operational and compliance counseling, and offer advice on modifications of transaction structure and documentation. Mr. Perry also brings his enforcement experience and his substantial prior experience in white collar criminal defense practice, and represents corporate clients and individual officers and directors at every stage of government investigations and enforcement actions – including white collar criminal matters – initiated by state and federal agencies, including the CFTC and NFA.
Kennyhertz Perry’s Braden Perry discussed Apple’s refusal to decrypt an iPhone with Grant Gross, Senior Editor of IDG News Service, the wire service representing PCWorld, Computerworld, MacWorld, Network World, CIO and dozens of other leading tech publications worldwide. The FBI claims that iPhone, which belonged to one of the San Bernardino shooters, may be helpful in their investigation.
Perry, a former federal enforcement attorney now practicing government investigations and litigation, stated that while unlikely, Judge Pym could hold Apple in contempt of court if the company refuses to cooperate with her order and could impose significant fines.
So far, Apple is refusing. The court should rule in the next few weeks.
Braden Perry and McGraw Hill Financial Global Institute President John Kingston recently spoke about spoofing in the markets and the CFTC’s latest case against Chicago Trader Igor B. Oystacher and his proprietary trading company, 3Red Trading LLC, with spoofing and employment of a manipulative and deceptive device while trading E-Mini S&P 500, copper, crude oil, natural gas, and VIX futures Contracts. We also explored the latest CFTC trends and topics , including the CFTC’s expanding jurisdiction.
The McGraw Hill Financial Global Institute’s mission is to support the advancement of open and transparent capital and commodity markets, increased economic opportunity for individuals, communities and nations and to address other societal issues and trends contributing to global growth and prosperity.
To listen to the podcast, visit https://www.mhfi.com/mhfi-global-institute/institute-insight-podcasts/CFTC-Levels-a-Charge-of-Spoofing-What-Does-It-Mean-For-Trading.html
The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, asked Braden Perry, former Senior Trial Attorney at the CFTC and founder of the Kansas City-based Kennyhertz Perry law firm to speak at the Knowledge Congress’ webcast entitled: “CFTC’s Financial Market Reform in 2015: Boon or Bane? Live Webcast.” This event is scheduled for May 15, 2015 @ 3:00 pm – 5:00 pm (ET).
Mr. Perry will be part of a panel of key thought leaders and practitioners will provide an overview and discussion of the latest changes to The Dodd-Frank Act that affect Financial Market Reform.
In an interview with Law360, former CFTC senior trial attorney and Kennyhertz Perry partner Braden Perry discussed the CFTC’s recent decision to take enforcement proceedings to administrative court. Citing lack of resources, the CFTC claims bringing enforcement actions in administrative courts would “allow the commission to develop its expertise and the powers given to it in 2010 by Dodd-Frank.” Perry described it as a “setback” for subjects of CFTC investigations and the lack of resources at a federally funded agency “shouldn’t be the reason for a policy change that eliminates what a defendant might see as a fair and full process.”
Braden Perry recently spoke with Law360 regarding the HFT spoofing indictment filed against Panther Energy Trading, LLC. The indictment, alleging Panther Energy designed and deployed algorithms that issued and canceled orders within milliseconds — faster than the blink of an eye but long enough to be detected by other automated trading programs that troll the markets. These actions “spoofed” the markets with enormous buy or sell orders that were canceled almost instantaneously, all to win illegal profits by manipulating the price of futures contracts. The action, according to Perry, protects high frequency traders and ensures integrity in the markets.
Braden Perry recently spoke at the Lend360 conference in New Orleans, discussing innovation and regulation in the peer-to-peer lending space. Topics included the evolving regulation and consumer protection issues facing
Former CFTC Trial Attorney Braden Perry recently spoke with Law360 regarding the JPMorgan settlement with the CFTC, admitting that its traders “acted recklessly.” This admission demonstrates a significant shift from the no-admit, no-deny settlements to a more aggressive stance in pushing wrongdoers for accountability.
