Federal Court Orders IB Capital FX, LLC, Michel Geurkink, and Emad Echadi to Pay More than $35 Million in Restitution and a Civil Penalty for Soliciting at Least $50 Million from Members of the Public to Trade Forex, without Being Registered with the CFTC Other enforcement

CFTC release 7485-16 · 2016-11-17 · view on cftc.gov ↗

Key facts

Release number: 7485-16
Release date: 2016-11-17
Type: Other enforcement
Primary source: https://www.cftc.gov/PressRoom/PressReleases/7485-16

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.