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Manipulation, Attempted Manipulation, and False Reporting

The CFTC utilizes every tool at its disposal to detect and deter against illegitimate market forces. The Commission uses enforcement actions to preserve market integrity and protect market users, demonstrating that it’s authority is significant and that the Commission intends to use it.

For example, CFTC enforcement efforts in the energy arena from December 2001 through September 2008 have resulted in 43 enforcement actions charging 73 companies and individuals and the assessment of approximately $445 million in penalties.

Table 2: Actions Taken Since December 2001 in Energy Markets

Number of Cases Filed or Enforcement Actions	43
Number of Entities/Persons Charged	73
Number of Dollars in Penalties Assessed
Civil Monetary Penalties	$445,465,000

Commodity Pools, Hedge Funds, Commodity Pool Operators (CPOs), and Commodity Trading Advisors (CTAs)

Investors continue to fall prey to unscrupulous CPOs and CTAs, including CPOs and CTAs operating hedge funds. The majority of the Commission’s pool/hedge fund fraud cases are brought against unregistered CPOs and/or CTAs. These cases tend to involve Ponzi schemes or outright misappropriation, as opposed to legitimate hedge fund operations. From October 2000 through September 2008, the Commission filed a total of 73 enforcement actions alleging misconduct in connection with commodity pools and hedge funds.

Table 3: Actions Taken Since October 2000 in Pool/Hedge Funds

Number of Cases Filed or Enforcement Actions	73
Cases/Actions Charging Commission Registrants	24
Number of Dollars in Penalties Assessed	$564,127,597

Forex Fraud

The Commission vigorously uses its enforcement authority to combat the problem of foreign currency (forex) fraud. Since passage of the CFMA in December 2000 through September 2008, the Commission, on behalf of more than 25,000 customers, has filed 98 cases. Those efforts have thus far resulted in the assessment of approximately $453 million in restitution and $562 million in civil monetary penalties.

Table 4: Actions Taken Since Passage of the CFMA in December 2000 in the Foreign Currency Markets

Number of Cases Filed or Enforcement Actions	98
Number of Entities/Persons Charged	374
Number of Customers Affected	25,859
Number of Dollars in Penalties Assessed
Civil Monetary Penalties	$562,241,267
Restitution	$453,675,335

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