# Federal Court Orders California Man David Michael Kogan and His Company, First Capitol Futures Group, to Pay More than $20.3 Million in CFTC Commodity Options Fraud Action

> CFTC release 5790-10 · 2010-03-10 · **Fraud** · ENFORCEMENT

## Key facts

- **Release number:** 5790-10
- **Release date:** 2010-03-10
- **Type:** Fraud
- **Title:** Federal Court Orders California Man David Michael Kogan and His Company, First Capitol Futures Group, to Pay More than $20.3 Million in CFTC Commodity Options Fraud Action
- **Primary source:** https://www.cftc.gov/PressRoom/PressReleases/5790-10

## What this is

CFTC enforcement actions cover derivatives + commodities + crypto fraud cases. The Commission charges market participants under the Commodity Exchange Act for spoofing, manipulation, fraud, wash trades, registration violations, and pool-operator misconduct. Most actions settle with restitution + civil money penalty + a bar/suspension.


## Citation

> US Commodity Futures Trading Commission, press release 5790-10, "Federal Court Orders California Man David Michael Kogan and His Company, First Capitol Futures Group, to Pay More than $20.3 Million in CFTC Commodity Options Fraud Action", 2010-03-10. Retrieved via AI Analytics 2026-07-02 from https://api.ai-analytics.org/cftc-action/5790-10.

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