News 

CFTC goes after ex-convict over proprietary Forex trading fraud

“In oral and written communications with prospective traders, Salerno made numerous fraudulent misrepresentations and omissions” reports financefeeds.com. The CFTC estimates that Salerno hired no less than at least 150 prospective traders to work at the Black Diamond Entities.Thus, for instance, he claimed that he would match the prospective trader risk capital deposit with a multiple of (usually 10 times) the prospective trader’s risk capital deposit and place the combined funds in a live proprietary forex trading account set up for the prospective trader. Source: financefeeds.com Share This:

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Crypto News 

Alleged Bitcoin fraudster gives up fight with CFTC

“The CFTC seeks, inter alia, restitution to defrauded customers, disgorgement of benefits from violations of the Commodity Exchange Act and CFTC Regulations, civil monetary penalties, and trading bans” reports financefeeds.com. The defendants were charged with fraud and misappropriation in connection with purchases and trading of Bitcoin and Litecoin. Source: financefeeds.com Share This:

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Futures News 

Don’t rush to sue NFA! Seek CFTC review first

“The NFA is a registered futures association that operates as a self-regulatory organization, and is overseen by the CFTC. While the NFA is a private organization, it performs regulatory functions to safeguard the integrity of the derivatives markets that the CFTC would otherwise have to undertake” reports financefeeds.com. Furthermore, 7 U.S.C. § 21(j) obligates every registered futures association to file with the CFTC copies of any changes in or additions to the rules of the association—the CFTC might disapprove such rules if they are inconsistent with the requirements governing registered…

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Crypto Futures News 

CFTC’s right to prosecute virtual currency fraud comes under fire

“My Big Coin Pay, Inc. and all the entities and individuals associated with it now argue against such a treatment of virtual currencies” reports financefeeds.com. They assert that the Court’s ruling that virtual currencies are commodities applies only to Bitcoin and not to My Big Coin.The CFTC has voiced its intentions to use the Court’s ruling in other cases targeting virtual currency scams, including the case against My Big Coin Pay.The only virtual currency on which futures contracts are traded is Bitcoin but this treatment should not apply to My…

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Crypto News 

“I am sorry I cannot help you” – Judge responds to defrauded cryptocurrency investors

“I came across an article stating that you had filed a 79 page preliminary injunction against a cryptocurrency trading advice firm that stands accused of fraud” reports financefeeds.com. Judge Jack B. Weinstein, assigned to the case against McDonnell, has earlier this month received an email from investors claiming to defrauded by BitSolid.The latest actions by the New York Eastern District Court against cryptocurrency scams have gained public attention.You may be able to file a formal complaint with the Division of Enforcement of the Commodity Futures Trading Commission on their website…

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News 

24option accuses CFTC of harassment in legal action over Google subpoena

“Richfield Capital Limited, trading as 24option.com, has challenged the United States Commodity Futures Trading Commission (CFTC) over a subpoena the regulator has issued to Google” reports financefeeds.com. The CFTC maintains RED List of registration deficient retail FX and binary options firms.On Wednesday, March 7, 2018, the binary options firm filed a Motion with the Illinois Northern District Court, asking it to quash subpoena(s) issued to Google, Inc. on or about February 16, 2018.Given the subpoenas sent by the CFTC, the regulator is going further in its efforts to check reports…

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News 

NY Court sides with CFTC, CME over status of virtual currencies

“In a Memorandum & Order, the Judge agreed that virtual currencies should be treated as commodities and that CFTC has standing to exercise its enforcement power over fraud related to virtual currencies sold in interstate commerce” reports financefeeds.com. Judge Jack B. Weinstein of the New York Eastern District Court on Tuesday agreed with the Commodity Futures Trading Commission (CFTC) and Chicago Mercantile Exchange Inc that virtual currencies are commodities under the Commodity Exchange Act (CEA).In its amicus letter, CME informed the Court of the reliance CME and financial market participants have…

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Crypto News 

The CFTC Allows Employees to Trade in Cryptocurrencies

“The Commodity Futures Trading Commission (CFTC) has permitted its employees to invest in cryptocurrencies, reported Bloomberg” reports financemagnates.com. The agency sees Bitcoin and other cryptocurrencies as commodities, and so any investment on them not involving futures is considered legal.Davis’ memo warned against any attempted insider trading on the part of CFTC employees. Source: financemagnates.com Share This:

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Crypto Futures Markets News 

The financial watchdog charged with regulating bitcoin futures just gave its employees the green light to trade crypto

“The reaction to the news that employees of his agency can trade crypto has been less positive” writes Frank Chaparro for businessinsider.com. Employees, however, are not permitted to trade bitcoin futures contracts on the markets operated by Cboe Global Markets or CME Group. The SEC, according to Bloomberg, also allows its employees to trade crypto.Giancarlo waits to testify on his nomination to be chairman of the Commodity Futures Trading Commission in Washington Thomson Reuters The regulatory agency charged with overseeing the markets for bitcoin futures in the US gave its…

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