Page 719 - 《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

“First, the CFTC won a judgment against the defendants for illegally offering
leveraged retail commodity transactions and established important law on the

meaning of ‘actual delivery’ of commodities under the CEA. This settlement resolved

the remaining charges of fraudulent solicitation that lured unsuspecting customers into

the highly risky leveraged trades, and obtained significant restitution for the victims

of the unlawful conduct,” Lowe continued. “The CFTC will take any action necessary

to prevent and terminate such illegal transactions and return funds to the defrauded

customers. I thank the team for their tenacious commitment to this case and ultimate

success.”

General Counsel Rob Schwartz said, “This is an historic case for the agency with

implications far beyond metals trading. Not only did staff put a stop to a large-scale

fraud and shut down an illegal, unregistered trading platform, but in the process

developed important caselaw on the subject of actual delivery of any commodity, and
fortified the agency’s strong anti-fraud authority. This comes at a critical time when

the agency is contending with fraud across a broad range of commodity assets, both

traditional and digital.”

The order resolves a CFTC action filed against the defendants on September 6,

2017, alleging that, while acting as a common enterprise, the defendants executed

illegal, off-exchange leveraged retail commodity transactions for thousands of

customers, and engaged in pervasive fraudulent sales solicitations. [See CFTC Press

Release No. 7609-17]

The order comes after substantial litigation, including two appeals to the Ninth

Circuit [See CFTC Press Release No. 7984-19], entry of a preliminary injunction

against the defendants, an order granting summary judgment in favor of the CFTC on

the charges relating to the offering and execution of illegal retail commodity

transactions, and also imposing a permanent injunction prohibiting the defendants
from engaging in leveraged retail commodity transactions.

Case Background

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