US Legal & Regulation

Ponzi scheme

Oscar Hernandez and companies to pay USD1.4m over commodity pool Ponzi scheme

Oscar Hernandez of Miami, Florida and his companies, Midway Trading Company and Conquest Investment Group, are to pay a USD1.4m civil monetary penalty to settle CFTC charges that they operated a multi-million dollar commodity pool Ponzi scheme and misappropriated customer funds for personal use. »


Fraud

CFTC charges Boston resident John Wilson and his company with commodity pool fraud

The US Commodity Futures Trading Commission has filed a civil complaint in the federal district court in Boston, Massachusetts, against Boston-based John B Wilson and his company, JBW Capital. »


Barred

FSA bans Swiss fund manager and two former Cantor Fitzgerald traders for market abuse

The Upper Tribunal (Tax and Chancery Chamber) has directed the Financial Services Authority to fine Stefan Chaligné, a Swiss-based hedge fund manager, GBP900,000 plus disgorgement of the financial benefit he obtained of EUR362,950 and Patrick Sejean, a former senior salesman on Cantor Fitzgerald Europe’s (CFE) London-based French desk, GBP650,000. »


Commodities

CFTC charges Eric Schmickle and Q Wealth Management over USD5.3m commodity futures fraud

The US Commodity Futures Trading Commission has filed a civil enforcement action against Wisconsin resident Eric N Schmickle and his company, Q Wealth Management. »


Fraud

CFTC seeks to revoke registrations of Gordon Driver and Axcess Fund Management

The US Commodity Futures Trading Commission has filed a notice of intent to revoke the registrations of Gordon A Driver and Axcess Fund Management. »


Barred

CFTC seeks to revoke registrations of Victor E Cilli and Progressive Investment Funds

The US Commodity Futures Trading Commission has filed a notice of intent to revoke the registrations of Victor E Cilli and Progressive Investment Funds (PIF). »


Ponzi scheme

SEC charges Atlanta-based adviser over Ponzi-like scheme involving private investment funds

The Securities and Exchange Commission has announced charges against a private fund manager and his Atlanta-based investment advisory firm for defrauding investors in a purported fund of funds and then trying to hide trading losses by creating new private funds to make money to pay back the original fund investors in Ponzi-like fashion. »


Currency cogs

CFTC charges Florida resident with Forex fraud and misappropriation

The US Commodity Futures Trading Commission has announced that Judge James D Whittemore of the US District Court for the Middle District of Florida has entered an emergency order freezing the assets of defendant William Jeffery Chandler of Ft Myers, Florida. »


Richard Heller, chairman of the HFA’s Regulatory and Government Advisory Board

Hedge Fund Association asks SEC for clear rules on verifying investor accreditation

The Hedge Fund Association (HFA) has asked the Securities and Exchange Commission in a comment letter to specifically tell private fund managers what they will need to do to safely verify whether investors are accredited, should they want to advertise after the rules in the Jump Start Our Business Start-ups Act (JOBS Act) are finalised. »


Barred

CFTC to revoke registrations of Linda Faye Harris, CDH Forex and CDH Global

The US Commodity Futures Trading Commission has filed a notice of intent to revoke the registrations of Linda Faye Harris, CDH Forex Investments and CDH Global Holdings, all of Flower Mound, Texas. »


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