CFTC: a Look at This Fiscal Year’s Enforcement Report

The CFTC just released its 2020 fiscal year (October 1, 2019, to September 30, 2020) enforcement and compliance report, which was highlighted by some big cases that involve spoofing and manipulation, but also a record breaking 113 individual enforcement actions.

The report highlights the Whistleblower initiative, as part of the CFTC’s Division of Enforcement, that forcuse on protecting the rights of whistleblowers, who in turn reveal crucial information concerning high level scams. This year whistleblowing has been an especially active tour de force both  with the CFTC and SEC.

The watchdog also pointed out at one of its cases this year that involved a precious metal dealers soliciting close to $185 million from 1600 senior investors. To crack the case, the CFTC had to cooperate with 30 state regulators. The follow up was a dozen or so companies and their officials being charged by the US overseer.

On the FX front, the document advocates the CFTC’s endeavors to clean up the industry of scams by means of charges brought up against fraudulent brokers and illicit trading apps.

Furthermore, this fiscal year saw the CFTC fine international firms such as JPMorgans Chase, Gain Capital Group, and OANDA, for not abiding by the frameworks set upon the regulator.

Needless to say, the licensor warns the American public of scammer taking advantage of the ongoing pandemic.

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