US banking giant paid $318 million in exchange and clearing fees to the CME and Chicago Board of Trade, but had unexplained over-accruals of approximately $451,318 from 196 clients
Read moreViolations occurred between 2009-2012, CMS was undercapitalized by more than $13 million at one point. The CFTC has fined Capital Market Services LLC, parent of CMS Forex, a total of $275,000. The CFTC has found that CMS did not maintain its required capital levels during at least 17 separate months between March 2009 and October…
Read moreLast year, the CFTC approved rules to better protect customers of futures brokers In a stiff ruling and making an example of some sloppiness at the bank, the CFTC penalized Morgan Stanley Smith Barney LLC. The unit, a registered Futures Commission Merchant (FCM) of the bank was fined for violating CFTC rules governing secured funds…
Read moreCFTC issues $2.1 million financial penalty to Mitchell Huffman of Charlotte, NC, in addition to criminal sentencing two years prior The U.S. Commodity Futures Trading Commission (CFTC) announced yesterday that it has obtained a federal court supplemental Consent Order requiring CFTC Defendant Mitchell Brian Huffman, of Charlotte, North Carolina, to pay a $2.1 million civil…
Read moreOhio Federal Court Rules against Defendants in Connection with Foreign Currency Ponzi Scheme The U.S. Commodity Futures Trading Commission (CFTC) announced on Friday March 21, 2014 that Judge David D. Dowd Jr. of the U.S. District Court for the Northern District of Ohio granted summary judgment and issued a Memorandum Opinion, a Judgment Entry, and a…
Read moreCFTC orders Sean R. Stropp to pay $250,000 penalty and serves cease and desist order following false and misleading statements during a CFTC investigation The US Commodity Futures Trading Commission (CFTC) has adopted a similar method of penalizing those who provide incorrect statements to compliance officers during inspections as that which has been long employed by…
Read moreThe regulatory action comes as the company failed to maintain adequate capital and tried to cover it up New York based independent introducing brokerage iFinix Futures is in trouble after the latest press release by the US CFTC details that the regulator is looking to suspend the firm’s license. The company has already been fined…
Read moreJenkins ran a Ponzi scheme through his company Harbor Light Asset Management allegedly trading S&P 500 Futures According to a press release by the CFTC the list of fraudsters that have been heavily fined for violating US laws has grown with one more name in it. The latest addition is Michael Anthony Jenkins and his…
Read moreThe fraudster is found guilty of misappropriation, case against his company Financial Robotics continues It is a frequent occurrence in our LeapRate Forex Fraud Watch series to cover hefty misappropriations, but it’s a rarity to see a single investor entrust a rather big chunk of money to a fraudulent solicitor. That’s precisely what happened in…
Read moreNew World Holdings destroyed business records and failed to diligently supervise employees Chicago based introducing broker New World Holdings (NWH) has been imposed a fine by the US Commodity Futures trading commission as it failed to keep proper records of its customers and neglected employee supervision. The monetary penalty amounts to $50,000 while the court…
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