Markets News 

CFTC insists ex-UBS trader knowingly engaged in “spoofing”

“The CFTC Complaint details nine specific examples that are illustrative of the pattern described above” reports financefeeds.com. Less than a month after ex-UBS precious metals trader Andre Flotron filed a motion to dismiss the “spoofing” case against him, the Commodity Futures Trading Commission (CFTC) has sought to nix his objections.Let’s recall that the CFTC alleges that Andre Flotron engaged in a five-year manipulative and deceptive scheme to trick other traders in the precious metals futures market. Source: financefeeds.com Share This:

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News 

CFTC seeks to impose monetary penalty of $56m on binary options marketers

“They used email marketing firms to send SPAM with misrepresentations about the trading systems to millions of people, paid video producers to make elaborate misleading video testimonials promoting the trading systems” reports financefeeds.com. The defendants acted as marketers for the following binary options websites: LBinary, Global Trader 365, Vault Options, TraderXP, Trade Rush, Banc de Binary, Citrades, OptionMint, OptionRally, RBOptions, Bloombex Options, Redwood Options, BeeOptions, Amber Options, OptionsXO, and SpotFN. None of these websites or their operators are or ever have been registered to offer binary options contracts to the…

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CFTC makes record whistleblower award of about $30 mln in case reported to involve JP Morgan

“The Commodity Futures Trading Commission said Thursday it has awarded its biggest sum yet, or about $30 million, to a whistleblower for information that led to a successful enforcement action” writes Ciara Linnane for marketwatch.com. The CFTC did not identify the whistleblower or the party involved in the enforcement action, but Bloomberg said it was taken against JP Morgan Chase & Co JPM, +0.26% citing an attorney involved in the matter.The bank agreed to pay $367 million to regulators in December 2015 for failing to inform high-net-worth individuals about conflicts…

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CFTC wants Tallinex to pay $10.3 million in restitution over US fraud

“Tallinex then transferred the customer funds to various other Tallinex foreign bank accounts in the Czech Republic, Georgia, and Estonia” reports financefeeds.com. Taking into account the repayments by Tallinex to its customers, the 711 customers are still owed $10,289,391.44 from their investment with Tallinex.From September 2012 to September 2016, 1,450 U.S. customers invested at least $12,346,423 with Tallinex, the CFTC estimates. Source: financefeeds.com Share This:

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Brokers News 

Despite Tallinex’s unresponsiveness, CFTC plans to press ahead with action

“Less than a week after the United States Commodity Futures Trading Commission (CFTC) announced it settled with General Trader Fulfillment (GTF), an introducing broker to retail FX broker Tallinex, the regulator has informed the Court of its plans regarding Tallinex itself” reports financefeeds.com. From approximately September 2012 through the present, GTF has provided coaching and instruction in trading Forex to customers who subscribe to its services. Source: financefeeds.com Share This:

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Brokers News 

CFTC settles with Tallinex’s introducing broker GTF

“The United States Commodity Futures Trading Commission (CFTC) has informed the Utah District Court that it has reached a settlement to end the litigation against General Trader Fulfillment (GTF), an introducing broker to retail FX broker Tallinex” reports financefeeds.com. From approximately September 2012 through the present, GTF has provided coaching and instruction in trading Forex to customers who subscribe to its services.The CFTC complaint alleges that, from at least September 2012 to at least September 2016, Tallinex and its introducing broker General Trader Fulfillment (GTF) solicited or accepted orders from…

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News 

CFTC orders JPMorgan to pay $65 million to settle swap rate manipulation charge

“Pension funds and local governments often rely on products priced off the benchmark rate to help hedge against future interest rate changes” writes Midwest Communications Inc for 95kqds.com. WASHINGTON (Reuters) – JPMorgan Chase Bank NA will have to pay a $65 million civil penalty to settle charges that it attempted manipulating ISDAfix benchmark swap rates between 2007 and 2012, the U.S. Commodities Futures Trading Commission said on Monday.ISDAfix rates are used to help value the cash settlement of options on interest rate swaps and other products.The derivatives regulator said the…

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Crypto News 

CFTC pushes for another default order in binary options, bitcoin fraud case

“The United States Commodity Futures Trading Commission (CFTC) maintains its efforts to tackle binary options and cryptocurrency fraud” reports financefeeds.com. After pushing for a default order against Dillon Michael Dean, at the helm of a $1.1 million fraudulent scheme, the regulator is now seeking a similar order against the company he ran – The Entrepreneurs Headquarters Limited (TEH). Source: financefeeds.com Share This:

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CFTC action against Blue Bit Banc put on hold, criminal case continues

“The civil case against Blake Kantor, Nathan Mullins, Blue Bit Banc, Blue Bit Analytics, Ltd., G. Thomas Client Services, and Blue Wolf Sales Consultants, accused of perpetrating a binary options and virtual currency fraud, has been put on hold amid a developing criminal case” reports financefeeds.com. The defendants are accused of having solicited potential customers through emails, phone calls, and a website to purchase illegal off-exchange binary options via companies such as Blue Bit Banc.The defendants sought to cover up their misappropriation by inviting customers to transfer their binary options…

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