# Federal Court in New York Imposes a $2.16 Million Penalty and Permanent Trading Bans against Michael A. Kardonick, Gary R. Shapoff, and Atwood & James for Forex Options Fraud and Misappropriation

> CFTC release 7107-15 · 2015-01-22 · **Fraud** · ENFORCEMENT

## Key facts

- **Release number:** 7107-15
- **Release date:** 2015-01-22
- **Type:** Fraud
- **Title:** Federal Court in New York Imposes a $2.16 Million Penalty and Permanent Trading Bans against Michael A. Kardonick, Gary R. Shapoff, and Atwood & James for Forex Options Fraud and Misappropriation
- **Primary source:** https://www.cftc.gov/PressRoom/PressReleases/7107-15

## 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 7107-15, "Federal Court in New York Imposes a $2.16 Million Penalty and Permanent Trading Bans against Michael A. Kardonick, Gary R. Shapoff, and Atwood & James for Forex Options Fraud and Misappropriation", 2015-01-22. Retrieved via AI Analytics 2026-07-19 from https://api.ai-analytics.org/cftc-action/7107-15.

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