# CFTC Orders Chicago-based Advantage Futures LLC, its CEO Joseph Guinan & Former Chief Risk Officer William Steele Jointly to Pay a $1.5 Million Penalty for Supervision, Risk Management Failures & Making Inaccurate Statements in Required CFTC Filings

> CFTC release 7449-16 · 2016-09-22 · **Other enforcement** · ENFORCEMENT

## Key facts

- **Release number:** 7449-16
- **Release date:** 2016-09-22
- **Type:** Other enforcement
- **Title:** CFTC Orders Chicago-based Advantage Futures LLC, its CEO Joseph Guinan & Former Chief Risk Officer William Steele Jointly to Pay a $1.5 Million Penalty for Supervision, Risk Management Failures & Making Inaccurate Statements in Required CFTC Filings
- **Primary source:** https://www.cftc.gov/PressRoom/PressReleases/7449-16

## 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 7449-16, "CFTC Orders Chicago-based Advantage Futures LLC, its CEO Joseph Guinan & Former Chief Risk Officer William Steele Jointly to Pay a $1.5 Million Penalty for Supervision, Risk Management Failures & Making Inaccurate Statements in Required CFTC Filings", 2016-09-22. Retrieved via AI Analytics 2026-05-20 from https://api.ai-analytics.org/cftc-action/7449-16.

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