For Release: July 19, 2007
Washington, D.C. – The President's Corporate Fraud Task Force and its member agencies recently commemorated the Task Force’s fifth anniversary. The Task Force was established in 2002 to restore public and investor confidence in America’s corporations following a wave of major corporate scandals. Since the Task Force’s inception, the U.S. Commodity Futures Trading Commission (CFTC) has been a proud member-agency participant, with Acting Chairman Walter Lukken currently serving as a Task Force member.
Since 2002, the CFTC has been involved, together with the Department of Justice (DOJ) and other regulators, in dozens of corporate fraud enforcement cases through the cooperative sharing of information and mutual assistance.
According to CFTC Acting Chairman Lukken: “The CFTC vigorously pursues unscrupulous participants in our markets to maintain market integrity and customer protections. We look forward to continuing our collaborative efforts with the Task Force as the financial regulators work together in the common effort to stamp out corporate fraud and ensure investor confidence in our markets.”
CFTC Filed 37 Energy and 45 Hedge Fund/Commodity Pool Fraud Actions as a Task Force Member Agency
For example, in the energy area, since 2002 the CFTC has filed 37 enforcement actions against energy companies and traders, alleging, among other things, attempted market manipulation, false reporting, perfected manipulation, wash trading, and non-competitive trading. CFTC/DOJ cooperative enforcement success has resulted in 18 criminal energy cases filed by the DOJ addressing alleged energy market misconduct. The CFTC has obtained more than $307 million in civil monetary penalties to settle 32 of its energy actions to date (see the CFTC Energy Markets Enforcement Actions List).
Additionally, in the hedge fund and commodity pool area, the CFTC has filed 45 enforcement cases since June 2002 (see CFTC Hedge Fund, Commodity Pool, and Commodity Pool Operator Enforcement Actions List).
Last Updated: July 20, 2007