Enforcement Actions

The CFTC Division of Enforcement investigates and prosecutes alleged violations of the Commodity Exchange Act and Commission regulations. The CFTC takes enforcement actions against individuals and firms registered with the Commission, those who are engaged in commodity futures and option trading on designated domestic exchanges, and those who improperly market futures and options contracts.

View Dispositions
View Opinions and Adjudicatory Orders

Enforcement Advisory: Updated Advisory on Self Reporting and Full Cooperation

Enforcement Advisory: Cooperation Factors in Enforcement Division Sanction Recommendations for Individuals

Enforcement Advisory: Cooperation Factors in Enforcement Division Sanction Recommendations for Companies

Enforcement Advisory: Advisory on Self Reporting and Cooperation for CEA Violations Involving Foreign Corrupt Practices

See CFTC Press Release 7518-17 (January 19, 2017) and
Speech of James McDonald, Director of the Division of Enforcement Commodity Futures Trading Commission Regarding Perspectives on Enforcement: Self-Reporting and Cooperation at the CFTC (September 25, 2017)

Date ENFORCEMENT ACTIONS
NEW YORK COMMODITY BROKER CHARGED WITH ILLEGAL TRADING AND VIOLATION OF A COMMISSION ORDER; CFTC Alleges Branch Manager Patrick Ligammari Engaged in Non-Competitive Trading To Facilitate the Transfer of Over $300,000 Between Two Foreign Accounts
COMMODITY TRADER AND TWO MICHIGAN COMPANIES CHARGED WITH $2.9 MILLION FRAUD; GOVERNMENT ALLEGES FICTITIOUS TRADING; Federal Court Freezes Assets and Bars the Destruction of Books and Records
CFTC SETTLES CASE AGAINST CHICAGO FIRM AND ITS MANAGING DIRECTOR; CFTC finds that Excellent USA and John Gallwas Failed to Supervise the Handling of Foreign Omnibus Accounts; CFTC Revokes Registration of Excellent USA as a Result of the Criminal Conviction of One of its Principals
INTERNET TRADING SYSTEM PROMOTER CHARGED WITH COMMODITY FRAUD; CFTC Alleges Michael Radcliffe Made False Claims Concerning Profits Generated By His Commodity Trading System
OHIO COMMODITY TRADER SETTLES POOL FRAUD ACTION; Consent Order with Government Regulator Finds that Defendant Jeffrey T. Bailey Committed Fraud By Diverting Investor Funds For His Own Use and Permanently Bars Him from Futures and Options Trading
REPUBLIC NEW YORK SECURITIES CORPORATION PAYS $5 MILLION CIVIL MONETARY PENALTY FOR MISLEADING INVESTORS IN COMMODITY FRAUD; CFTC Files and Settles Action Against Republic for Its Role in a Ponzi Scheme That Defrauded Investors World-Wide and Resulted in Losses of Over $700 Million
Commodity Trading Advisor Settles Government Fraud Charges; CFTC Orders Nicholas J. Nickolaou to Pay Restitution and Penalties For Fraudulently Soliciting the Public to Buy His "Wisdom of the Ages" Trading System,
CFTC SEEKS TO SUSPEND OR RESTRICT REGISTRATION OF MIDLAND EURO, INC. OF CALIFORNIA; Midland Euro's Membership With the National Futures Association Was Recently Suspended
CFTC SETTLES FRAUD CASE AGAINST COMMODITY TRADING ADVISORS; CFTC Finds that Currency Trading Systems, its President, Joyce Roeder, and Others Fraudulently Solicited the Public to Attend Commodity Trading Seminars; CFTC Imposes Permanent Trading Ban on Roeder and Company and Orders Payment of Restitution and Penalties
New York Trader Sued for Defrauding Employer; CFTC Files and Settles Action Against Robert Ryan and Permanently Bans Him from Futures Trading and Fines Him $40,000