Category: CFTC

CFTC whistleblower awards payouts reach $380 millionC
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September 24, 2024

CFTC Whistleblower Program: Record $4.5 Million in Awards Issued in a Single Day

Whistleblower programs are among the most important tools for regulators to take action against violations. In particular, the two US regulators, the SEC and CFTC, make extensive use of these programs in their fights against regulatory violations and fraud. With the regulator SEC already paying more than $2 billion to whistleblowers, the CFTC has now reached $380 million with its latest award of $4.5 million to seven whistleblowers.
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Polymarket under CFTC scrutinyC
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September 18, 2024

CFTC Targets Polymarket and Offshore Crypto Betting Platforms Amid U.S. Presidential Election!

The CFTC’s crackdown on Polymarket and other offshore crypto platforms signals a new phase of enforcement in the prediction market space, where the intersection of derivatives and elections raises complex compliance challenges. With over $930 million in bets placed on Polymarket’s "2024 Presidential Election Winner" market, regulators are taking notice.
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Kalshi wins court case against CFTCU
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September 7, 2024

U.S. Regulator CFTC Lost Court Case Against Kalshi Legal Battle Over Election Bets!

KalshiEx is a U.S.-based prediction market platform that sought to offer trading in derivatives contracts based on the outcomes of Congressional elections, which the CFTC prohibited. KalshiEx challenged the regulator's decision in court and won, opening the door for election-based derivatives markets in the U.S. However, the CFTC is seeking a temporary stay.
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CFTC whistleblower pipeC
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August 30, 2024

CFTC Awards Over $4 Million to Insider Whistleblower for Exposing Misconduct

Whistleblowers are invaluable to regulators in monitoring the markets. Recently, the U.S. Securities and Exchange Commission (SEC) has paid $122 million in rewards to whistleblowers. This makes the $4 million awarded by the U.S. Commodity Futures Trading Commission (CFTC) to a whistleblower look almost modest by comparison. The CFTC has awarded an insider whistleblower whose information led to an investigation into ongoing misconduct.
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Joshua Cartu and his life on InstagramB
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August 21, 2024

Breaking: Binary Options Fraudster Joshua Cartu Arrested in Russia!

According to a report published by the Times of Moscow, Russian law enforcement authorities have detained Joshua Cartu, a prominent figure in the notorious Cartu Brothers' binary options fraud scheme. Cartu, a 45-year-old Israeli-Canadian entrepreneur and racecar driver, was apprehended at St. Petersburg’s Pulkovo International Airport by the Interior Ministry’s Interpol bureau. The Cartu Brothers operated the GreyMountain Management (GMM) Binary Options fraud scheme.
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CFTC seeks to ban event contracts in the political environmentC
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August 10, 2024

Coinbase Pushes Back Against CFTC’s Proposal on Event Contracts, Citing Unjustified Ban

The leading US crypto exchange Coinbase has sharply criticized the U.S. Commodity Futures Trading Commission's (CFTC) recent proposed rulemaking seeking to ban certain political event contracts, arguing that the move would unjustifiably stifle a burgeoning area of the economy. In a statement posted on X, Paul Grewal, Coinbase's Chief Legal Officer, emphasized the potential of event markets within the future economy and expressed concern over the CFTC’s approach.
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FTX Bankruptcy case continues with sell-offB
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August 9, 2024

Breaking: CFTC Secures Historic $12.7 Billion Judgment Against FTX and Alameda in Landmark Fraud Case!

The U.S. Commodity Futures Trading Commission (CFTC) has announced that the U.S. District Court for the Southern District of New York has issued a consent order of permanent injunction and equitable relief against FTX Trading Ltd. and Alameda Research LLC. The court ordered the now-bankrupt entities to pay a staggering $12.7 billion in monetary relief to compensate customers and victims of one of the largest frauds in the digital asset space.
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CFTC whistleblower pipeF
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August 9, 2024

FTC Awards Over $1 Million to Whistleblower in Digital Asset Investigation!

In its effort to supervise the digital asset market, the U.S. Commodity Futures Trading Commission (CFTC) has announced a significant milestone by awarding over $1 million to a whistleblower whose information proved pivotal in an enforcement action. This award underscores the growing importance of whistleblowers in uncovering illicit activities within the rapidly expanding digital asset space.
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July 27, 2024

CFTC Ordered Prisoned Forex & Crypto Ponzi Scheme Operator to Pay Over $31 Million!

While already in prison, the U.S. Commodity Futures Trading Commission (CFTC) has announced that the U.S. District Court for the Western District of Texas has ordered Abner Alejandro Tinoco and his company, Kikit & Mess Investments, LLC, to pay more than $31 million in monetary relief. The court's order, dated July 9, mandates restitution, disgorgement, and civil penalties for their involvement in a forex and crypto Ponzi scheme.
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CFTC issues fine for whistleblower- fighting NDAsW
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July 27, 2024

Whistleblower Power: The CFTC $55 Million Fine in an Embattled Whistleblower Enforcement Action!

In an embattled decision, the U.S. Commodity Futures Trading Commission (CFTC) has imposed a $55 million fine on Trafigura Trading LLC, a Houston-based subsidiary of the global commodities trader Trafigura PTE, Ltd. This marks the CFTC's first-ever enforcement action under its whistleblower protection rule, implemented seven years ago. The settlement, announced on June 17, 2024, addresses multiple violations of the Commodity Exchange Act (CEA) and CFTC regulations by Trafigura Trading LLC.
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CFTC Consent Order Eshaq M. NawabiU
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April 16, 2024

U.S. CFTC Imposes $9 Million in Penalties and Restitution in Forex Fraud Case

The U.S. Commodity Futures Trading Commission (CFTC) has concluded an enforcement action against Eshaq M. Nawabi, operating as Nawabi Enterprise, along with Hyperion Consulting Inc., culminating in a significant legal resolution in the U.S. District Court for the Eastern District of California. This resolution mandates a combined total of $9 million in restitution and civil penalties for the defendants' fraudulent activities in the forex trading space.
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CFTC whistleblower pipeT
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March 31, 2024

The Surprising Resurfacing of the GreyMountain Management Binary Options Fraud Scheme and its Wirecard Connections!

The GreyMountain Management (GMM) case, linked to the Cartu brothers and the Wirecard scandal, is a significant event in the binary options fraud landscape. It highlights a complex international operation involving fraudulent schemes and the manipulation of financial transactions. Regulatory actions, especially by the CFTC and Canadian authorities, alongside legal proceedings in Ireland against GMM's directors, continue up until today.
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