JONES DAY TALKS®: CFTC and DOJ Target Derivatives Trading Across Industries
FERC: A Discussion on its Mission, Market Manipulation Investigations, and Common Violations
On June 17, 2024, the U.S. Commodity Futures Trading Commission (CFTC) announced that trading giant Trafigura had agreed to pay a $55 million fine to settle charges of fraud and manipulation. The conduct at issue allegedly...more
The Nutter Securities Enforcement Update is a periodic update of noteworthy recent securities enforcement activity, settlements, decisions, and charges. We provide brief summaries that highlight recent enforcement action...more
Department of Justice (DOJ) Deputy Attorney General Lisa Monaco’s March 7, 2024, speech addressed the agency’s current enforcement stance towards AI. In the speech, Monaco reiterated that there are no AI exemptions to the...more
The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), significantly expanded the Commodity Futures Trading Commission’s (“CFTC” or “Commission”) anti-fraud and anti-manipulation statutory...more
After years of denials, the SEC has finally approved its first Bitcoin spot ETFs. Reaching this point has involved legal battles, repeated reviews of applications, and much more....more
The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges....more
This article is the first of a series on accounting fraud which follows our July and September webinars on “How to Commit Accounting Fraud: Why this can ultimately lead to corporate collapse.”...more
The Seventh Circuit issued the third in a trilogy of opinions in October establishing the metes and bounds for criminal prosecutions of “spoofing”—a form of market manipulation, mostly in the commodities markets—that Congress...more
The Federal Energy Regulatory Commission’s (FERC) Office of Enforcement (OE) recently issued its Fiscal Year 2023 Annual Report on Enforcement. As in previous years, the Enforcement Report discusses the activities performed...more
Key Takeaways- • Largest year ever for whistleblower awards (nearly $600 million in total)- • Largest single whistleblower award ever ($279 million to an individual whistleblower) - • Largest year for whistleblower tip...more
With the growing use of artificial intelligence (AI) in financial markets, broker-dealers and investment advisers need to pay attention to the risks posed by AI on firms’ compliance with federal securities laws. While machine...more
Cap-and-trade fraudsters should be on notice: the Commodity Futures Trading Commission (CFTC) wants to address market manipulation in the voluntary carbon credit markets, and they want help from whistleblowers to do it....more
The Whistleblower Office of the Division of Enforcement of the Commodity Futures Trading Commission (CFTC) issued an alert on June 20, 2023 advising the public on how to identify and report potential violations connected to...more
In press releases issued in late June, the Commodity Futures Trading Commission (CFTC) announced its enforcement division’s creation of a task force on environmental fraud, and publicized its whistleblower office’s alert to...more
The International Organization of Securities Commissions, or IOSCO, published a consultation report in May titled "Policy Recommendations for Crypto and Digital Asset Markets." Originally published by Law360 - July 11,...more
The Commodity Futures Trading Commision (CFTC) is seeking to increase enforcement in the carbon market and is turning towards its highly successful whistleblower program to aid in the effort. In June 2023, the agency both...more
The U.S. Commodity Futures Trading Commission’s (CFTC) Whistleblower Office took the unusual step of inviting market participants to look for and submit tips related to fraud, manipulation, and other forms of misconduct in...more
Last week, the CFTC solicited whistleblowers in connection with "potential [] fraud and manipulation" in "voluntary carbon markets," particularly in circumstances "in which high-quality carbon credits, also known as carbon...more
One week after the Commodity Futures Trading Commission’s (CFTC) Whistleblower Office issued an alert seeking tips on potential fraud and manipulation in the carbon markets, the CFTC chairman announced that the second...more
On June 20, following a number of consultative papers, reports, committee hearings and public speeches by representatives of the Commodity Futures Trading Commission (“CFTC”), the staff of CFTC’s Division of Enforcement...more
On June 7, 2023, the Securities and Exchange Commission (“SEC”) adopted, pursuant to the Securities Exchange Act of 1934 (“Exchange Act”), (i) new Rule 9j-1 to combat fraud, manipulation, and deception in connection with...more
Mango Markets is a decentralized cryptocurrency exchange that allows users to purchase and borrow cryptocurrencies and cryptocurrency-related financial products. Mango Markets is run by the Mango Decentralized Autonomous...more
The 2023 Report on FINRA’s Examination and Risk Monitoring Program was published on Jan. 10, 2023. In a statement accompanying the Report, Greg Ruppert, executive vice president of FINRA’s Member Supervision organization,...more
FINRA punctuated its annual post-New Year’s Report on FINRA’s Examination and Risk Monitoring Program (the “Report”), by including a new target category “Financial Crimes.” The inclusion of this category is noteworthy not...more
On October 21, Commodity Futures Trading Commission (“CFTC”) Commissioner Caroline D. Pham issued a concurring statement to the CFTC’s amended complaint originally filed on April 27, 2022 in the U.S. District Court for the...more