The regulators noted that Rege and SwapStar used part of the money to trade commodity interests through accounts they owned. Some of the client funds were used to pay bogus gains to some clients, to return original investments amounts to others and to pay for some of Rage's personal expenses. Additionally, Rage failed to disclose…
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The CFTC explained that in order to qualify for the award, a whistleblower who provided significant information to an investigation, must demonstrate a connection between their contribution and the regulator’s ability to successfully complete its investigation, and to either obtain a settlement or prevail in a litigated proceeding. The CFTC has determined that this whistleblower…
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According to the CFTC, since September 2020, the defendants solicited through different channels, including Kikit’s website, over $3.9 million from 61 clients. The clients gave their money to the defendants to manage them in customized client portfolios for forex and crypto trading. The regulator stated that the defendants did not trade with their clients funds…
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According to the regulator, before June 2019, UBS implemented multiple software systems to comply with its recordkeeping obligations. These systems operate its trader turret communication devices and recorded and stored voice recordings of calls occurring on these trader turrets. The recording systems had a know flaw causing them to fail to synchronize certain call data.…
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The CFTC said: The order also finds that Societe Generale failed to report certain swap valuation data to an SDR accurately. Societe Generale also failed to maintain an adequate supervisory system and failed to perform its supervisory obligations diligently with respect to mid-market mark disclosures. Acting Director of Enforcement Vincent McGonagle, said: This is another…
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Acting Director of Enforcement Vincent McGonagle, said: This action is part of the CFTC’s broader effort to protect U.S. customers. Margined, leveraged or financed digital asset trading offered to retail U.S. customers must occur on properly registered and regulated exchanges in accordance with all applicable laws and regulations. According to the CFTC, Kraken offered margined…
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On 20 April 2020, customers of the brokers held long positions in the May E-mini crude oil (QM) and sweet crude oil (WTI) and suffered trading losses on those positions as a result of the firm’s systems issues. The US regulator stated that Interactive Brokers was aware of the possibility of negative oil futures prices…
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As a result, the company failed to report certain swap creation data for hundreds of thousands of trades. The missing swap creation data included the financial entity status and the US person indicator for each counterparty. The CFTC determined that Refinitiv had to know or had reasons to suspect there were reporting omissions. The Commission…
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The CFTC further alleges that Bryant made numerous false statements to potential and current pool participants about his trading experience, his success rate, and being registered with the National Futures Association. Bryant omitted to disclose that he was a convicted criminal with a history of financial problems, including three bankruptcies. The regulator explained that instead…
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The US watchdog found that from November 2014 to October 2020 BitMEX offered leveraged trading of cryptocurrency derivatives to retail and institutional customers in the US, while operating as a common enterprise. BitMEX was aware that US customers could access the BitMEX platform. CFTC also found that US customers placed orders directly through BitMEX’s user…
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