- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-12-06T19:00:00
A commissioner at the Commodity Futures Trading Commission (CFTC) said she expects the regulator to pursue more individual liability cases against chief compliance officers, in the aftermath of landmark charges laid against the former CCO at Binance.
“There will likely be more cases against CCOs in the future,” CFTC Commissioner Caroline Pham told Compliance Week. Of note, Pham worked in several compliance roles at Citi before being named to the commission.
Pham said the CFTC should reserve charging compliance officers for those who engage in “egregious conduct,” like that found in the case of former Binance CCO Samuel Lim. The CFTC alleged Lim was “willfully aiding and abetting Binance’s numerous violations” of the Commodity Exchange Act in fining him $1.5 million.
The case marked the first time the CFTC charged a CCO with individual liability.
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Caroline Pham, a commissioner on the Commodity Futures Trading Commission, criticized the agency’s policy on credit for self-reporting violations as a “bait-and-switch.”
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