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CFTC smashes enforcement record

Friday 7 October 2011 - by Nicola York

Gary Gensler, chairman of the CFTC

Regulatory enforcement actions in the US commodities industry have risen by 74 per cent compared to last year leading to a record high according to the Commodity Futures Trading Commission.

In its annual enforcement results released on Thursday, the CFTC says it filed 99 enforcement actions in the fiscal year of 2011 marking the highest yearly tally in the agency's history.

It also imposed over $290m in civil monetary penalties and directed the payment of more than $160m in restitution and disgorgement which more than doubled the figures for the previous year's sanctions.

The agency said that it had charged individuals and companies for perpetrating Ponzi schemes, manipulating commodity prices, trading abuses and other supervision, fraud and accounting failures. Meanwhile, it opened more than 450 investigations in 2011 marking yet another record.

David Meister, the CFTC's director of the division of enforcement says: "As these figures reflect, the dedicated men and women of the CFTC's Division of Enforcement are working every day to rid the markets of fraud, manipulation and other abuses, and will continue to do so under our new Dodd-Frank authority."


The fiscal year ended 30 September 2011.
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