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Oct 28, 2020 by |

California and San Francisco Whistleblower Attorneys: CFTC Orders Bank To Pay $920 Million For Manipulating Commodities Markets

ATTORNEY NEWSLETTER

Commodity Futures Trading Commission Issues Massive Order

Hundreds Of Thousands Of Illegal Trades In Precious Metals And Futures

Insiders Rewarded For Assisting Enforcement

On September 29, 2020, the U.S. Commodity Futures Trading Commission (CFTC) announced a massive $920 million settlement of a case[1] involving hundreds of thousands of allegedly fraudulent commodities trades by a major bank over an eight-year period. According to the CFTC, the fraudulent trading was what are known as “spoof” trades where a broker places a trade in a commodity with the intent to cancel the trade before it is executed.  The “spoof” artificially manipulates the price in the commodity.   If you have credible information of any sort of commodity trading fraud including information regarding spoof trading or other fraudulent trading schemes, call the CFTC whistleblower attorneys at Evans Law Firm, Inc. today at (415)441-8669.

Case Background

In the reported case, the CFTC found that for over eight years JP Morgan’s trading floor placed hundreds of thousands of orders to buy or sell certain gold, silver, platinum, palladium, Treasury note, and Treasury bond futures contracts with the intent to cancel those orders prior to execution. Through these spoof orders, according to the CFTC,  the traders intentionally sent false signals of supply or demand designed to deceive market participants into executing against other orders they wanted filled. According to the order, in many instances, traders acted with the intent to manipulate market prices and ultimately did cause artificial prices. The order also found that the bank failed to identify, investigate, and stop the misconduct.

Working With You To Present Your Fraud Evidence To The CFTC

Persons who provide information that leads to recoveries by the CFTC enforcement can claim a reward for their efforts. See 17 C.F.R. § 165 et seq. (CFTC whistleblower rules).  Many fraudulent schemes involve multiple violations of law and regulations like this one.  The CFTC worked with the US Securities and Exchange Commission (SEC), the FBI, and the Department of Justice on the spoof trading case.  If your information involved multiple agencies, our whistleblower litigators will follow the whistleblower guidelines for all applicable agencies to protect your claim to an eventual reward.  We can also represent you in any lawsuit for wrongful termination or other retaliation if your employer retaliates against you for blowing the whistle on fraud.

Contact Us

If you have information on any kind of commodities trading fraud, call Ingrid M. Evans and the other CFTC whistleblower attorneys at the Evans Law Firm at (415) 441-8669, or by email at <a href=”mailto:info@evanslaw.com”>info@evanslaw.com</a>. Our attorneys also handle whistleblower or qui tam 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.  .

[1] Evans Law Firm, Inc. was not involved in the case in any way.

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