65% of all cases filed by CFTC last year involved fraud, manipulative conduct or spoofing violations

From: RegTech Analyst

The U.S. Commodity Futures Trading Commission’s (CFTC) has released its report for the fiscal year 2019.

The second annual report revealed that the CFTC has taken action in 69 cases over the fiscal year of 2019, above the 67.5 average of the previous five years.

During the last 12 months, it has also awarded $1.3bn in monetary relief, marking a 39% increase from 2018.

It also noted that the CFTC filed more cases involving manipulative conduct and spoofing than any year prior save for the fiscal year of 2018.

Approximately 65% of all cases filed in 2019 involved charges of commodities fraud, manipulative conduct or spoofing.

“The breadth and significance of the enforcement activity in FY 2019 is reflected in the fact that the filed cases involved some of the most significant commodities fraud, manipulation, and spoofing cases in the history of the agency,” said James McDonald, director of enforcement at CFTC. “As this annual report shows, the commission and its staff will continue to work tirelessly to preserve market integrity, to protect law-abiding market participants and to achieve a true culture of compliance in our markets.”

Heath P. Tarbert, chairman of the CFTC, added, “Tough, but fair – that’s been our response to those who break the rules. A strong enforcement programme is about preserving market integrity, protecting consumers and deterring misconduct from taking place. The commission has carried through on that commitment in FY 2019. I commend the professionalism, dedication and commitment to excellence of the CFTC staff who have carried out the commission’s mission with integrity and purpose.

“America is the breadbasket of the world. Market manipulation and similar wrongdoing inflicts real pain on farmers by denying them the fair value of their hard work and crops. It also hurts American families by raising the costs of putting food on the table. Protecting our agricultural markets from manipulation and abuse is a special focus for the CFTC.”

Copyright © 2019 FinTech Global

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