$500,000 Federal Penalty from the CFTC: Ouch


Published on May 21, 2021

According to a May 18th press release from the federal Commodity Future Trading Commission:

The CFTC “issued an order filing and settling charges against respondent SummerHaven Investment Management LLC, a Connecticut commodity trading advisor and commodity pool operator, for engaging in wash sales and non-competitive transactions on the InterContinental Exchange and various Chicago Mercantile Exchange exchanges, and for failing to diligently supervise its activities. The order requires SummerHaven to pay a civil monetary penalty of $500,000 and to cease and desist from further violations of the Commodity Exchange Act and CFTC regulations, as charged.”

Christopher D. Warren, managing partner of the Warren Law Group in Manhattan, said, “it makes solid business sense to retain a legal team with the experience to navigate federal securities regulations, and defend against alleged federal violations of those regulations. A $500,000 penalty hurts, no matter what kind of business it is.”

Mr. Warren litigates securities, business to business disputes, shareholder and partnership disputes, and other civil matters in state and federal court, as well as with arbitration bodies such as FINRA, AAA, and JAMS.

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If you have been affected by financial fraud, fiduciary malfeasance, or are under investigation by the SEC or FINRA, speak with an attorney at Warren Law Group today for a free assessment of your case: (866) WLGROUP, or email info@warren.law.

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