Table Of Contents

Manipulation, Attempted Manipulation, and False Reporting

The CFTC has taken strong action utilizing every tool at its disposal to detect and deter against illegitimate market forces. The Commission uses enforcement action to preserve market integrity and protect market users, demonstrating that our authority is significant and that we intend to use it.

For example, our enforcement efforts in the energy arena from December 2001 through September 2007 have resulted in 38 enforcement actions charging 63 companies and individuals and the assessment of approximately $308 million in penalties.

Actions Taken Since December 2001 in Energy Markets

Number of Cases Filed or Enforcement Actions	38
Number of Entities/Persons Charged	63
Number of Dollars in Penalties Assessed
Civil Monetary Penalties	$308,198,500

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 2007, the Commission filed a total of 61 enforcement actions alleging misconduct in connection with commodity pools and hedge funds.

Actions Taken Since October 2000 in Pools/Hedge Funds

Number of Cases Filed or Enforcement Actions	61
Cases/Actions Charging Commission Registrants	23
Number of Dollars in Penalties Assessed	$231,027,883

FOREX Fraud

The Commission vigorously uses its enforcement authority to combat the problem of forex fraud. Since passage of the CFMA in December 2001 through September 2007, the Commission, on behalf of more than 25,000 customers, has filed 98 cases. Those efforts have thus far resulted in approximately $453 million in restitution and $551 million in civil monetary penalties.

Actions Taken Since Passage of the CFMA in December 2000 in 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	$551,301,267
Restitution	$453,173,819

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