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Sep 30, 2020 by |

California and San Francisco Whistleblower Attorneys: CFTC Broadens Its Policing Power To Enforce Bank Secrecy Act

ATTORNEY NEWSLETTER

Commodity Futures Trading Commission Extend Enforcement Actions

Fraudulent Trading Schemes May Violate Bank Secrecy Laws 

Insiders Rewarded For Assistance And Information

The U.S. Commodity Futures Trading Commission (CFTC) polices the commodities and futures markets and have extended their policing power to enforcing bank secrecy laws that commodities brokers may also violate. On August 10, the CFTC announced a $12.2 million settlement of a case* involving a commodity broker’s violations of federal anti-money laundering (AML) laws and regulations. If you have credible information of any sort of commodity trading fraud (including investment pools, gold, futures, options, or virtual currencies) call the CFTC whistleblower attorneys at Evans Law Firm, Inc. today at (415)441-8669.

In the reported case, the CFTC alleged that a large futures trading firm failed to adequately implement procedures to detect and report suspicious transactions as required under federal anti-money laundering (AML) laws and regulations. The case marks the first CFTC enforcement action charging AML violations of Regulation 42.2 in particular, which requires registrants such as the broker defendant to comply with the Bank Secrecy Act, 12 U.S.C. § 1724 et seq. The CFTC noted that the brokerage firm had failed to submit suspicious activity reports to the government regarding alleged movements of cash. “Our regulatory regime requires certain intermediaries to monitor and report suspicious activity. These suspicious activity reports—or SARs—serve as key tools that we, together with our regulatory partners, use to identify fraud, manipulation, and other wrongdoing in our markets—often at the earliest stages,” said CFTC Director of Enforcement James McDonald.

Call Evans Law Firm If You Have Information Of Fraud

Individuals who voluntarily provide information that leads to a successful CFTC enforcement are eligible to claim a reward. See 17 C.F.R. § 165 et seq. (CFTC whistleblower rules). Fraudulent trading schemes may, as in the reported case, violate more than one set of laws. Our whistleblower litigators will incorporate all applicable violations relevant to your information and ensure that all applicable agencies received whatever notification the law requires. Federal and State whistleblower laws also protect employees against retaliatory actions and our lawyers can represent you in any lawsuit for wrongful termination or other retaliation.

Contact Us

Call Ingrid M. Evans and the other CFTC and SEC whistleblower and tax fraud attorneys at the Evans Law Firm if you have any information of violations of commodities or trading regulations or anti-money laundering laws at (415) 441-8669, or by email at <a href=”mailto:info@evanslaw.com”>info@evanslaw.com</a>. Our whistleblower attorneys also handle cases involving offshore tax avoidance schemes or other tax fraud before the Internal Revenue Service, bank fraud under the Financial Reform, Recovery, and Enforcement Act (FIRREA/FIAFEA), False Claims Act cases, the FINRA Whistleblower Office, and the California False Claims Act. 

*Evans Law Firm, Inc. was not involved in the case in any way.

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