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CFTC files record number of enforcement cases in 2012


The Commodity Futures Trading Commission filed 102 enforcement cases in fiscal year 2012, the highest number of cases ever in a single year.

During the past two fiscal years, the Commission filed a total of 201 enforcement actions, representing a significant increase from past years.

The division of enforcement also opened more than 350 new investigations in FY 12, among the highest annual count of new investigations in program history.  

In addition, the division obtained orders imposing more than USD585m in sanctions, including orders imposing more than USD416m in civil monetary penalties and directing the payment of more than USD169m in restitution and disgorgement.

David Meister, the CFTC’s enforcement division director, says: “We pursue unlawful conduct to protect market participants and promote market integrity.  As we look back on this year’s results, the division can say with confidence that we have effectively responded to the significant wrongdoing uncovered under the Act and regulations.  The division’s lawyers, investigators, paralegals and administrative staff are committed to investigating and litigating cases that have the greatest impact, whether they are against some of the world’s largest financial institutions for attempted manipulation, false reporting, customer fund violations, wash trading, or supervision failures, or against a Ponzi schemer who perpetrates a multi-million dollar scam on the unsuspecting public. We have begun to use our new Dodd-Frank authority, and, as we look forward, we will continue to do so as more new rules become effective. I applaud the staff for their hard work and dedication to the task, and am honoured to work alongside them.”

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