Release #4214-98
For Release: December 17, 1998
COMMODITY FUTURES TRADING COMMISSION ANNOUNCES ITS PARTICIPATION IN DEPARTMENT OF JUSTICE AND FBI TELEMARKETING FRAUD INITIATIVE
WASHINGTON -- The Commodity Futures Trading Commission (CFTC) today announced its participation in the "Senior Sentinel II - Double Barrel" initiative announced by the Department of Justice and the Federal Bureau of Investigation. The initiative reflects the commitment of federal and state agencies to combat telemarketing fraud.
As part of the initiative, the CFTC announced that since October 1996, it has filed 21 civil injunctive actions and administrative proceedings alleging courses of fraudulent conduct that included telemarketing fraud. In addition, in 1998, the CFTC released two Consumer Advisories warning the public about the prevalence of fraudulent schemes involving solicitations and sales of interests in foreign exchange, and solicitations of trading in futures through sales pitches based upon seasonal demand and other public information. Summary descriptions of the CFTC’s relevant actions and proceedings and the two Consumer Advisories are included in the materials today supporting the announcement of Senior Sentinel II.
CFTC Commissioner John Tull appeared on behalf of the Commission at the joint press conference announcing the initiative. He commented:
The Commodity Futures Trading Commission is proud to be part of Senior Sentinel II. Today’s announcement demonstrates the government’s commitment, on both the federal and state level, to fighting telemarketing fraud. It also shows how well those efforts can succeed when government agencies take a coordinated approach to a problem. The CFTC has previously coordinated with other federal and state civil and criminal agencies to fight fraudulent schemes marketing commodity futures that take advantage of members of the public. Most recently, we have been pleased to join law enforcement efforts in fighting fraudulent foreign currency schemes. We will do everything in our power to continue our success in this area.
# # #