CFTC Press Release 4913-04

Release: 4913-04
For Release: April 14, 2004

CFTC RELEASES A SPANISH-LANGUAGE CONSUMER PROTECTION ADVISORY ON COMMODITY SCAMS

New Spanish-Language Consumer Advisory Warns Customers About Commodity Futures and Options Scams Being Perpetrated in Today's Commodities Markets

WASHINGTON, D.C. -- The U.S. Commodity Futures Trading Commission (CFTC) today released a Spanish-language version of its Consumer Advisories in an effort to reach out to America's fastest growing demographic group.

The new Spanish-language Consumer Advisory warns the public about commodity futures and options scams involving foreign currency (forex), precious metals, false sales solicitations by introducing brokers, and commodity pool Ponzi schemes. While these types of scams are the subjects of several current CFTC Consumer Advisories, the CFTC is now also warning Spanish-speaking customers about such abusive practices through its new Spanish-language customer protection Advisory. The Advisory also instructs customers how to check if a company or individual they are about to do business with is registered with the CFTC and provides a list of contacts for the CFTC and other consumer protection agencies that might be able to assist customers.

Recent census data shows that the Hispanic population in the United States has increased by more than 50 percent since 1990, compared with an increase of only 13.2 percent for the total U.S. population. According to projections, Hispanics will account for the majority of the nation's population growth for the next 50 years.

The CFTC has Spanish-speaking enforcement staff available for those who call its toll-free customer protection hotline at 1-866-366-2382 (or 1-866-FON-CFTC).

The CFTC's Spanish-language Consumer Advisory is available on the CFTC's website at http://www.cftc.gov/opa/opaconsumeradv0404sp.htm, and a print version is available from the CFTC's Office of External Affairs at (202) 418-5080.

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Media Contacts
Alan Sobba (202) 418-5080
Dennis Holden (202) 418-5088
Office of External Affairs

Staff Contact
Daniel Nathan
Chief, CFTC Office of Cooperative Enforcement
CFTC Division of Enforcement
(202) 418-5314