Release: 5164-06

For Release: March 13, 2006

CFTC Commissioner Michael V. Dunn to Head Commission’s Forex Task Force

Washington, D.C. – Commodity Futures Trading Commission (CFTC) Chairman Reuben Jeffery III, announced today the appointment of CFTC Commissioner Michael V. Dunn to chair the Commission’s Forex Task Force. The objective of this task force is to raise the public’s awareness of fraudulent activity in the retail foreign currency (forex) futures and option markets and to highlight the Commission’s enforcement activities in this area.

In announcing this selection, Chairman Jeffery stated:

“Commissioner Dunn strongly shares the commitment of me and our fellow Commissioners to ensuring the integrity of the retail forex market. The formation of this task force represents a critical step toward meeting this objective.”

In accepting his appointment, Commissioner Dunn said:

“I appreciate the trust and confidence that Chairman Jeffery has placed in me by selecting me to lead this effort. The CFTC has become increasingly concerned with the dramatic rise in customer complaints that it has received involving forex fraud. In response to these complaints, the CFTC has mounted an aggressive campaign to investigate and prosecute these complaints. In fact, since April 2001, the CFTC has brought 87 actions against individuals and firms engaging in fraudulent forex activity. These cases have resulted in over $115 million in ordered restitution and approximately $170 million in civil money penalties. Many of these actions are a direct result of the Commission working closely with other federal, state, and local agencies, and the CFTC will continue to encourage state, local, and federal authorities to assist our efforts in fighting forex fraud.”

Continuing, Commissioner Dunn said:

“I would like to note that the Commission’s enforcement efforts can only accomplish so much. The first line of defense for potential customers/victims to avoid this type of fraud is education and common sense. This task force represents a major step toward developing and ensuring the effectiveness of this defense.”

Media Contacts
Alan Sobba

R. David Gary

Last Updated: March 18, 2007