The CFTC released its enforcement results for fiscal year 2016. The Commission filed 68 enforcement actions and obtained approximately $1.29 billion in restitution, disgorgement and penalties. The CFTC reported that these actions addressed a "sweeping range of misconduct and market harm."
The CFTC stated that, in addition to bringing other "high-impact cases," it (i) aggressively pursued complex litigation cases charging manipulation, spoofing and the unlawful use of customer funds, (ii) won liability verdicts in jury and bench trials in the U.S. District Court, and (iii) issued a whistleblower award of more than $10 million.
CFTC Chair Timothy Massad issued the following statement:
"The CFTC's enforcement record shows that the CFTC brings critical, high impact cases that protect customers and ensures the integrity and transparency of the derivatives markets we regulate. . . . The work of the Enforcement Division is the instrument by which the CFTC sends the clear and unwavering message to those who engage in wrongdoing in our markets that they will be held accountable."
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.