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
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
Two Texas Men Sued for Defrauding Former Employer; CFTC Charges Clay Krhovjak and Paul Cochran in Fraudulent Allocation Scheme
COLORADO MAN BANNED FOR UNAUTHORIZED COMMODITY TRADING; CFTC Imposes Trading Ban on Dale Luther Mock
CFTC Charges Texas Commodity Broker with Fraud; CFTC Alleges that D. Michael Sheaves Fraudulently Omitted Significant Trading Losses
GEORGIA INTERNET PROMOTERS CHARGED WITH COMMODITY FRAUD; CFTC Alleges that George Heffernan and Ellery Coleman Made False Claims Concerning Profits Generated by Commodity Trading Systems; Defendants Also Alleged to Have Violated CFTC Orders Issued Against Them in September and May 2000
Canadian Resident and His Offshore Company Charged with Defrauding U.S. and Canadian Investors Through A Commodity Scam; CFTC Alleges That Defendants Andrew Duncan and Aurum Society, Inc. Operated "Ponzi" Scheme and Fraudulently Obtained Over $3 Million from Customers; Defendants also Alleged to have Misappropriated Funds,