CFTC CHARGES TEXAS-BASED COMMODITY TRADING ADVISOR NEXGEN SOFTWARE SYSTEMS, INC., AND OWNER JOHN P. NOVAK WITH COMMODITIES FRAUD; Defendants Allegedly Solicited Customers to Purchase their Advisory Services Using False Claims; Nexgen and Novak also Failed to Register as Commodity Trading Advisors Fraud

CFTC release 4977-04 · 2004-08-18 · view on cftc.gov ↗

Key facts

Release number: 4977-04
Release date: 2004-08-18
Type: Fraud
Primary source: https://www.cftc.gov/PressRoom/PressReleases/4977-04

About CFTC enforcement

The CFTC charges market participants under the Commodity Exchange Act for spoofing, manipulation, fraud, wash trades, registration violations, and commodity-pool-operator misconduct. Most actions settle with restitution + civil money penalty + a bar/suspension. Crypto-asset cases have been a major share since 2019.