The CFTC and State Regulators in California and Hawaii Charge Los Angeles Area Precious Metals Dealer in Ongoing $61 Million Fraud Targeting the Elderly Fraud

Key facts

Release number

8704-23

Release date

2023-05-15

Type

Fraud

Primary source

https://www.cftc.gov/PressRoom/PressReleases/8704-23

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.