Commodity Futures Trading Commission (CFTC) has continued
its push to clean up illegal fx trading firms with seven cases
brought or concluded over the past six weeks. The move
coincides with increased convergence of fx and futures markets,
as evidenced by the recent deal between Chicago Mercantile
Exchange and Reuters (see FO Week Vol 9 No 21).
Paul Hayeck, CFTC associate director of the division of
enforcement, told FO Week that fx fraud continues to
be a focus for the Commission. Since December 2000, when the
Commodity Futures Modernisation Act was enacted, through 15
June, CFTC has brought or filed 62 enforcement actions against
individuals or firms. In sum, those cases totaled more than
$268.6m allegedly taken in from at least 5,800 customers. So
far, CFTC has received awards of more than $103m in civil
penalties and $64m in restitution.
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