CFTC sanctions eight individuals over unregistered foreign broker activity in the U.S.

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CFTC sanctions eight individuals over unregistered foreign broker activity in the U.S. — CFTC targets foreign brokers

The U.S. derivatives regulator is settling charges against eight individuals tied to foreign introducing brokers that solicited retail customers for off-exchange forex and commodities trades. The action links to an earlier CFTC case against Netrios LP Ltd. and Red Acre Ltd. and includes two-year registration bans for the respondents.

Highlights

The CFTC sanctioned eight individuals for acting as unregistered associated persons of unregistered foreign introducing brokers soliciting U.S. customers for off-exchange retail forex and commodities transactions.
Under settlement orders, all eight respondents must cease and desist the cited conduct and are barred for two years from CFTC registration or association with CFTC registrants.
Penalties recognized in the orders are linked to a related SEC proceeding, which settled charges and involved prior CFTC actions against Netrios LP Ltd. and Red Acre Ltd.

Settlement orders target retail solicitation violations

As reported by Commodity Futures Trading Commission, the eight respondents are charged with acting as unregistered associated persons of unregistered foreign introducing brokers. The orders say the brokers solicited U.S. customers for off-exchange leveraged or margined retail foreign currency and retail commodities transactions, even though those customers were not eligible contract participants.

The CFTC says Michael Talento, Anthony Tyler Williams, Quillan Roberto Black, Christopher Williams, Michael Levi Peters, Jordan Taylor Morgan, Lewis Matthew Neal, and Tyler Evan MacKechnie solicited those customers without registering as associated persons, as required. Under the settlement orders, they must cease and desist from the conduct cited by the regulator.

Broader enforcement links with SEC case

Each respondent is also barred for two years from registering with the Commission in any capacity or acting as a principal, agent, or employee of any CFTC registrant. The orders additionally recognize penalties owed by each respondent in a related Securities and Exchange Commission proceeding.

The case relates to a prior Commission order sanctioning Netrios LP Ltd. and Red Acre Ltd. for facilitating illegal off-exchange commodity transactions with U.S. customers. The SEC has also filed and settled charges against the respondents over the same underlying conduct, and the CFTC says it thanks the SEC for its assistance.

In related sector coverage, we reported that Cohere signed a letter of intent to acquire AISLE to add AI-powered vulnerability detection and expand in Europe.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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