US court imposes $1.2 million penalty for fraud, unauthorized swaps trading


The U.S. Commodity Futures Trading Commission (CFTC) on Tuesday announced that the U.S. District Court for the Western District of Missouri entered a Consent Order against Gregory Christopher Evans, resolving an earlier enforcement action by the regulator that alleged the defendant engaged in fraud and unauthorized swaps trading.

The court imposed a civil monetary penalty of $1,213,578.94 and permanently banned Evans from registering with the CFTC and engaging in any commodity-related activity.300px-US-CFTC-Seal.svg_

Evans is a former risk management consultant and associated person of a registered Futures Commission Merchant (FCM) and provisionally registered Swap Dealer.

The CFTC enforcement action concerning Evans was filed in September 2014. It alleged that from at least January 2013 through July 21, 2013, Evans intentionally entered into 30 bilateral swap transactions on behalf of the FCM with a customer without customer consent. The regulator claimed back then that Evans had engaged in these swap transactions to conceal trading losses from his customers and the company at which he was working.

The unauthorized trades led to losses of approximately $1,213,578.94 for the customer. Evans is now ordered to pay the same amount of money as a fine.

The Order, issued by the court on Tuesday, agrees with the CFTC complaint.

To view the original announcement on the legal action against Evans, click here.

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US court imposes $1.2 million penalty for fraud, unauthorized swaps trading

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