CFTC ACTION: One World Capital Group, LLC
Felix Shipkevich - March 4, 2010The CFTC obtained an order against defendants One World Capital Group, LLC of Winnetka, Ill. and John Edward Walsh, of Lake Forest, Ill., requiring each to pay a $260,000 civil monetary penalty for failing to demonstrate compliance with CFTC net capital requirements. (CFTC v. One World Capital Group, LLC, et al., N.D. Ill., Case No. 07CV 7002).
The [...]
CFTC ACTION: Safeguard 3030 Investment Club
Felix Shipkevich - March 4, 2010The CFTC charged Ronald W. Smith, Jr., doing business as Safeguard 3030 Investment Club, with operating a Ponzi scheme involving the fraudulent solicitation of at least $800,000 from at least 34 customers in connection with forex trading. The CFTC complaint also charges the defendant with misappropriating approximately $800,000 of customer funds for personal use and to [...]
CFTC ACTION: UBS
Felix Shipkevich - February 24, 2010The CFTC issued an order filing and simultaneously settling charges against UBS AG (UBS), for exceeding the New York Mercantile Exchange’s position limits on certain NYMEX natural gas, heating oil and platinum futures contracts on more than one occasion from in or about December 2006 through in or about March 2008.
The CFTC order imposes a $130,000 [...]
Why the CFTC stopped listing the number of banks that hold positions in silver
Felix Shipkevich - February 20, 2010For purposes of protecting the confidentiality of participants’ market positions (as required under §8(a) of the Commodity Exchange Act), when the number of banks in either category (U.S. Banks or Non-U.S. Banks) is less than four, the number of banks in each of the two categories is omitted and only the total number of banks is shown for that market.
ICE Futures ordered to beef up compliance
Felix Shipkevich - February 3, 2010The CFTC’s Division of Market Oversight notified ICE Futures US of the results of a rule enforcement review. The review covered the period from June 1, 2007 through June 1, 2008. The Division assessed ICE Futures’ compliance with core principles relating to audit trail, trade practice surveillance, disciplinary and dispute resolution programs.
The Division found that [...]
CFTC gets budget increase
Felix Shipkevich - February 1, 2010Commenting on the President’s FY2011 budget request, CFTC Chairman Gary Gensler said: “I am pleased that the President’s budget request provides a much-needed funding increase to better enable the CFTC to regulate the markets and protect the American public.”
CFTC ACTION: Lodge Capital Group, LLC
Felix Shipkevich - January 29, 2010The CFTC charged Jay C. Nolan of Wilmette, Ill. and his company, Lodge Capital Group, LLC with commodity pool fraud. According to the complaint, from at least December 2004 to the present, the defendants fraudulently solicited approximately $3.9 million from at least five individuals. The complaint charges that Nolan and Lodge Capital made misrepresentations and failed [...]
CFTC ACTION: Scotia Capital Inc.
Felix Shipkevich - January 28, 2010Prior to the trades being entered on the NYMEX, SCI employees arranged for the trades to be executed with a minimal price difference between long and short positions by seeking trades such that there was no more than a half a cent price differential between the buy and sell orders.
CFTC ACTION: Pinemore, L.P. and Birchmore, L.P.
Felix Shipkevich - January 28, 2010According to the order, on one or more occasions in November and December 2006, Pinemore and Birchmore ordered through their broker certain natural gas futures trades on the NYMEX that were wash sales. Because the trades ordered by Pinemore and Birchmore were designed to give the appearance of submitting trades to the open market, while negating the risk incident to the market and producing a virtual financial nullity, they constituted wash sales in violation of the CEA.
CFTC grants ICE Clear Europe Limited registration as a DCO
Felix Shipkevich - January 25, 2010The CFTC granted ICE Clear Europe Limited (ICE Clear Europe) registration as a derivatives clearing organization (DCO) pursuant to Section 5b(b) of the Commodity Exchange Act. ICE Clear Europe is a private limited company organized under the laws of England and Wales. Pursuant to an order that the Commission issued on July 23, ICE Clear [...]
