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
COURT ENTERS CONSENT ORDER OF PERMANENT INJUNCTION AND OTHER EQUITABLE RELIEF AGAINST DAVID MICHAEL LOYD IN EUROPACIFIC EQUITY AND CAPITAL MANAGEMENT, LTD., COMMODITY POOL FRAUD CASE; Order Requires Loyd to Make Full Restitution of Up to $2.5 Million to Investors
CFTC FILES AND SETTLES ACTION AGAINST WILLIAM G. BILLINGS AND BILLFUND, INC. OF OKLAHOMA IN CONNECTION WITH THE FRAUDULENT OPERATION OF THREE COMMODITY POOLS; CFTC Order Finds that the Respondents Defrauded at Least 40 Pool Participants Out of Approximately $1.6 Million
CFTC CHARGES PHILLIP FERGUSON d/b/a FERGUSON FINANCIAL, B& F TRADING, AND FIRST INVESTOR’S GROUP WITH COMMODITY POOL FRAUD AND FAILURE TO REGISTER AS A COMMODITY POOL OPERATOR
CFTC CHARGES ROBERT L. DORMAGEN AND DELTA FINANCIAL CORP. WITH FRAUD IN CONNECTION WITH THE CAPITAL GROUP III, L.P. COMMODITY POOL AND OTHER INDIVIDUAL CUSTOMERS
COURT PRELIMINARILY ENJOINS DEFENDANTS FROM CONTINUING TO OPERATE IN A CASE ALLEGING AN $18 MILLION FRAUDULENT PRECIOUS METALS SCHEME; Court Found that Defendants -- Including IBS Inc. and IMC Trading Inc. -- Fraudulently Solicited Customers From Offices In Four States
CFTC FILES AND SETTLES ENFORCEMENT ACTION AGAINST SEUNGHO KIM, JOHN KI PARK, AND HOUSTON SYSTEM TRADING, LLC IN CASE INVOLVING THE FRAUDULENT SOLICITATION OF CUSTOMERS AND POOL PARTICIPANTS
CFTC FILES AND SETTLES ENFORCEMENT ACTION AGAINST IRA M. LAVENDER IN CASE INVOLVING THE FRAUDULENT SOLICITATION OF CLIENTS
CFTC FILES ADMINISTRATIVE COMPLAINT AGAINST TIMOTHY BENGSON, CHARGING HIM WITH FRAUDULENTLY ALLOCATING CUSTOMER TRADES
CFTC FILES ADMINISTRATIVE COMPLAINT AGAINST DALE LUTHER MOCK, CHARGING HIM WITH UNAUTHORIZED TRADING AND FRAUD
CFTC FILES ENFORCEMENT ACTIONS AGAINST GLENN B. LAKEN, OF CHICAGO, ILLINOIS, AND WILLIAM M. STEPHENS, OF SAN FRANCISCO, CALIFORNIA; Respondents May Have Their CFTC Registrations Suspended Or Modified Due To Pending Federal Felony Charges Against Them