US Legal & Regulation

CFTC fines EMF Financial Products USD4m for making false statements

CFTC fines EMF Financial Products USD4m for making false statements

The US Commodity Futures Trading Commission has settled charges against EMF Financial Products, a CFTC registrant based in New York, for making false statements and failing to disclose material information concerning its market positions and financing to the Chicago Board of Trade. »


Michael Kourmolis banned from futures industry for fraudulent solicitation

Michael Kourmolis banned from futures industry for fraudulent solicitation

The US Commodity Futures Trading Commission has obtained a consent order against Michael Kourmolis of Brooklyn, New York, permanently prohibiting him from engaging in any activity related to trading any commodity interests, including soliciting funds, registering with the CFTC and trading on behalf of others or himself. »


Court freezes assets of Florida resident in commodity pool fraud action

Court freezes assets of Florida resident in commodity pool fraud action

A federal court has entered an order freezing assets held by defendant David A. Owen, of Destin, Florida following a Commodity Futures Trading Commission anti-fraud enforcement action filed on 30 October 2009. »


Canadian trio fined USD2.2m in commodity pool anti-fraud action

Canadian trio fined USD2.2m in commodity pool anti-fraud action

A federal court has entered default judgment orders against defendants Robin States and his wife Bernadette Bowden, both of Nova Scotia, Canada, and relief defendant Paul States, of British Columbia, Canada, in an action charging them with fraudulent solicitation and misappropriation in the operation of commodity pool known as Infinity Online Investors Group. »


Attorney charges 14 defendants with USD20m in insider trading

Attorney charges 14 defendants with USD20m in insider trading

Preet Bharara, the US Attorney for the Southern District of New York, has made charges against 14 Wall Street professionals and attorneys arising out of their ongoing investigation of insider trading at hedge funds and stock trading firms. »


Aima supports registration of hedge fund managers in the US

Aima supports registration of hedge fund managers in the US

The Alternative Investment Management Association has reiterated its support for the registration of hedge fund managers in the US and for the reporting of systemically relevant information by larger managers to national authorities in the interests of financial stability. »


Pennsylvania resident admits to multi-million dollar Ponzi scheme

Pennsylvania resident admits to multi-million dollar Ponzi scheme

A federal court in Philadelphia has entered a consent order of permanent injunction against defendant Joseph S. Forte of Broomall, Pennsylvania after the US Commodity Futures Trading Commission charged him with fraud and misappropriation in connection with operating a USD50m commodity pool Ponzi scheme. »


Court freezes assets of Texas trading firms charged with forex fraud

Court freezes assets of Texas trading firms charged with forex fraud

The US Commodity Futures Trading Commission has obtained an emergency court order freezing assets held by defendants M25 Investments, M37 Investments, Scott P. Kear, Sr. and Jeffrey L. Lyon, all of Waxahachie, Texas, and David G. Seaman, of Arlington, Texas. »


Court issues orders against four “Operation Wooden Nickel” defendants

Court issues orders against four “Operation Wooden Nickel” defendants

US District Court Judge George Daniels of the Southern District of New York has entered four separate orders stemming from an investigation code-named “Operation Wooden Nickel”, an undercover law enforcement sting conducted by the Commodity Futures Trading Commission, the Federal Bureau of Investigation, the Department of Justice and the Securities and Exchange Commission. »


NYSE Euronext’s US options penny pilot expansion filing is approved

NYSE Euronext’s US options penny pilot expansion filing is approved

NYSE Euronext’s proposal for the expansion of the Securities and Exchange Commission’s penny pilot programme, filed by NYSE Arca options, has been approved for market wide implementation by the SEC.   »


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