Page 308 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

Dohme are also charged with failing to register Powerline as a Commodity Trading
Advisor (CTA) and for failure to make required disclosures.

The order imposes a $375,000 civil monetary penalty and $500,000 in

disgorgement, with Dohme and Wright’s monetary obligation capped at $150,000

each. The order also imposes six-month trading and three-month registration bans on

Powerline, Dohme, and Wright.

“We are committed to ensuring that market participants are honestly served by

intermediaries and advisors, and that those intermediaries and advisors provide all the

transparency that our statutes and regulations require,” said CFTC Acting Director of

Enforcement Gretchen Lowe. “Further, as this case shows, we will not tolerate false

and misleading statements being made to our exchanges.”

Case Background

The order finds that Powerline, Dohme, and Wright defrauded clients by failing

to adequately disclose that Powerline acted as the counterparty to its clients’

transactions—not merely as a broker. The order also finds that Powerline, Dohme,

and Wright failed to disclose that Powerline charged clients a markup over the cost at

which Powerline was able to acquire the fuel hedging strategies in the market. These

failures also violated Powerline’s obligation to disclose to clients all fees and conflicts

of interest. In addition, the order finds Dohme liable as a controlling person for

Powerline’s violations.

Moreover, according to the order, Dohme and Wright produced a backdated

letter to CME, to give CME the false impression that a certain disclosure was made to

clients before it actually had been.

The order also finds that Powerline acted as a CTA by offering clients fuel

hedging strategies, but failed to register as such.

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