January 12, 2012
CFTC Files Enforcement Action against Two Indian Citizens for Allegedly Engaging in an Illegal Trading Scheme
Deepak and Meera Singhal charged with non-competitive, fictitious trading on the CME
Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of a civil complaint against two Indian citizens, Deepak Singhal, who resides in Mountain View, Calif., and his mother, Meera Singhal, who resides in India. The CFTC complaint charges the defendants with engaging in transactions in violation of the Commodity Exchange Act and trading non-competitively in violation of a CFTC regulation, or aiding and abetting such violations.
The complaint, filed on January 9, 2012, in the U.S. District Court for the Northern District of Illinois, alleges that since at least December 16, 2010, through December 29, 2010, the defendants engaged in a series of illegal commodity options transactions involving several types of foreign currency options on the Chicago Mercantile Exchange (CME), specifically 424 non-competitive, fictitious trades. Through this allegedly illegal scheme, Deepak Singhal’s account transferred profits of at least $118,868.75 to Meera Singhal’s account, according to the complaint.
In its continuing litigation, the CFTC seeks a return of ill-gotten gains, restitution, civil monetary penalties, trading and registration bans, and permanent injunctions against further violations of the federal commodities laws.
The CFTC Division of Enforcement staff members responsible for this case are Dmitriy Vilenskiy, A. Daniel Ullman II, Timothy Mulreany, Sophia Siddiqui, Elizabeth Pendleton, Elizabeth Padgett, Paul G. Hayeck, and Joan Manley.
Last Updated: January 12, 2012