- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2022-10-21T19:42:00
The Commodity Futures Trading Commission (CFTC) on Thursday highlighted its enforcement accomplishments from the 2022 fiscal year, including more than $2.5 billion ordered through restitution and penalties across 82 actions.
The agency, which regulates the U.S. derivatives market, made its presence most felt in May, when it announced a record penalty of approximately $866 million and disgorgement order of about $321 million against Glencore, one of the world’s largest commodity traders. Glencore was further fined by the Department of Justice and Brazilian authorities for alleged bribes paid in several countries over more than a decade. The CFTC alleged market manipulation and corruption in global oil markets as part of its role in the resolution.
Other standout figures from the year included the agency’s 18 actions involving conduct related to digital assets and its record-breaking award of nearly $200 million to an individual whistleblower reported to have tipped the CFTC regarding Deutsche Bank’s manipulation of the London Interbank Offered Rate (LIBOR), a case that resulted in the bank paying $2.5 billion in penalties in 2015.
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Christy Goldsmith Romero, a commissioner at the Commodity Futures Trading Commission, is lobbying the regulator to use its existing authority to conduct “heightened supervision” over derivative exchanges to create more oversight in crypto markets.
Businesses take varying approaches when self-reporting to regulatory agencies, which can lead to differing results. Caroline Pham, a commissioner at the Commodity Futures Trading Commission, suggests using common sense.
Eleven banks, investment firms, and their affiliates will pay a total of more than $1.8 billion in fines for “widespread and longstanding failures” in monitoring, maintaining, and preserving electronic communications by employees.
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
