US Legal & Regulation

The US Commodity Futures Trading Commission (CFTC) has filed an enforcement action against Christopher B Cornett of Buda, Texas, charging him with solicitation fraud, issuing false account statements, misappropriating pool participants’ funds, and failing to register in connection with an off-exchange foreign currency (forex) fraud. »

The US Commodity Futures Trading Commission (CFTC) has obtained a federal court order requiring Anthony Eugene Linton of Tucson, Arizona, doing business as The Private Trading Pool (PTP), to pay a total of USD1,776,610 in restitution, disgorgement, and a civil monetary penalty for defrauding investors in a commodity pool Ponzi scheme involving off-exchange foreign currency trading (forex). »

Florida resident Juan Carlos Horna Napolitano has been sentenced to 14 months imprisonment, followed by two years supervised release, for his role in conspiring to obstruct a Securities and Exchange Commission investigation relating to Francisco Illarramendi, a Connecticut hedge fund advisor. Horna Napolitano was also ordered to forfeit USD935,000. »

The Commodity Futures Trading Commission (CFTC or Commission) has released findings of limited reviews of futures commission merchants (FCMs) to assess compliance with requirements to segregate customer funds pursuant to Section 4d of the Commodity Exchange Act (ACT).  »

The Commodity Futures Trading Commission (CFTC) has filed and simultaneously settled charges against Timothy Michael Murphy of Redding, Connecticut, and his New York-based company, Centurion Global Capital Management LLC (CGCM), for fraudulently soliciting at least 40 customers to participate in a commodity pool. »

A former audit partner at accounting and consulting firm BDO USA LLP has pleaded guilty to criminal charges for lying to SEC enforcement staff during investigative testimony. »

The Federal District Court for the Southern District of New York has dismissed all claims against Systematic Alpha principals arising from the Matveev v Batratchenko case, with prejudice. »

The US Commodity Futures Trading Commission (CFTC) has entered an order requiring Newedge USA, LLC (Newedge), a New York-based futures commission merchant, to pay a USD700,000 civil monetary penalty for submitting inaccurate large trader reports to the CFTC and for violating a 7 February, 2011, CFTC order directing Newedge to improve the accuracy and timeliness of its large trader reporting. »

The Securities and Exchange Commission (SEC) has charged Texas-based financial services firm Life Partners Holdings Inc and three of its senior executives over their involvement in a fraudulent disclosure and accounting scheme involving life settlements. »