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CHICAGO (Reuters) - The Commodity Futures Trading Commission (CFTC) has sued a former Chicago floor broker, claiming he ran a four-year Ponzi scheme and fraudulently solicited at least $7.8 million to trade commodity futures contracts.In a civil lawsuit, the CFTC said Bradley Schiller ran the Ponzi scheme promised investors annual returns of 13 percent or higher. But he never delivered, the CFTC charged in its suit. The Commission charged his scam fueled "a life of luxury" including a pricey high-rise condominium and expensive automobiles.
In an interview, Gary Gensler, Commodity Futures Trading Commission (CFTC) chair, talked about what comes next after Pres Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. There is a series of rules that have been asked to write working along with the SEC and in some cases with the Federal Reserve and the other prudential regulators. Gensler has a great deal of confidence in the people at the CFTC and their ability to do the job. The clear intent of Congress was to lower the risk to the American public and to promote transparency in markets that were not regulated in the US or overseas. The bill that was passed is very strong. The SEC and CFTC have been working together very well in this administration. Markets work best when there are rules of the road...
CHICAGO, Oct. 1 /PRNewswire/ -- CME Group supports the work of the Commodity Futures Trading Commission, the Securities and Exchange Commission and the Joint Committee on Emerging Regulatory Issues concerning the events of May 6, 2010. As the report details, fundamentally negative financial, economic and political events in Europe and elsewhere contributed to investor uncertainty and impacted participation and liquidity in all market segments at certain times that day. Throughout the day on May 6, CME Group markets functioned properly. Our automated credit controls, order quantity limitations, stop and market order price protection points, price banding procedures, and stop logic functionality operated as designed and were effective in responding to challenging market conditions.
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