Dr. Heath P. Tarbert is Chairman and Chief Executive of the Commodity Futures Trading Commission. He was nominated for a term expiring on April 13, 2024 and took office on July 15, 2019. The mission of the CFTC is to promote the integrity, resilience, and vibrancy of the U.S. derivatives markets through sound regulation.  The agency’s approximately 700 personnel based in Chicago, Kansas City, New York, and Washington, DC also work to ensure U.S. commodities and derivatives markets are free of fraud and manipulation. Chairman Tarbert also serves as a voting member of the Financial Stability Oversight Council (FSOC), as a Vice Chair of the International Organization of Securities Commissions (IOSCO) Board, and as a member of the President's Working Group on Financial Markets.

“We can get your money back.”

If fraud criminals recently stole a portion of your savings or retirement nest egg, an offer to recover your funds may sound appealing. Unfortunately, for many victims of fraud, the offer may be another scheme that adds insult to injury.

Recovery scams target victims already harmed by other frauds. Fraudsters convince victims they can get their lost money back, but first the victims have to pay upfront fees.

If you’ve been a recent victim of fraud, be prepared to guard against these follow-on schemes.

Futures contracts for agricultural commodities have been traded in the United States for more than 150 years and have been under Federal regulation since the 1920s. When the CFTC was created in 1974 with the enactment of the Commodity Futures Trading Commission Act, most futures trading took place in the agricultural sector. Over the years, the futures industry has become increasingly varied and complex.

Significant dates in the history of futures regulation before the creation of the CFTC and significant dates in CFTC history from 1974 to the present are given here.

Making decisions to trade or invest by yourself, especially if you are socially isolated, could make you more susceptible to fraud, research shows. If you’re solicited to buy or trade assets such as gold, silver, or digital assets, taking a little time to talk the idea over with someone you know and trust could save you significant losses down the road.

A 2019 joint study by the FINRA Investor Education Foundation, Better Business Bureau, and Stanford Center for Longevity found that respondents targeted by fraud were more likely to lose money if they did not have anyone with whom they could discuss the offers. In addition, those who engaged with the fraudsters “expressed significantly higher feelings of loneliness.”

According to previously unreleased data, the study’s authors said, nearly twice as many victims (41 percent) agreed with the statement “I didn’t have anyone to discuss (the solicitation) with” as non-victims (24 percent). Widowed (47 percent) and...

Futures contracts for agricultural commodities have been traded in the United States for more than 150 years and have been under Federal regulation since the 1920s. When the CFTC was created in 1974 with the enactment of the Commodity Futures Trading Commission Act, most futures trading took place in the agricultural sector. Over the years, the futures industry has become increasingly varied and complex.

Significant dates in the history of futures regulation before the creation of the CFTC and significant dates in CFTC history from 1974 to the present are given here.

Washington, D.C. — Commodity Futures Trading Commission Chairman Heath P. Tarbert today announced the CFTC will hold an open meeting on Thursday, June 25, 2020 at 10:00 a.m. (EDT). The meeting will be held via conference call in accordance with the agency’s implementation of social distancing due to the COVID-19 (coronavirus) pandemic.

The Commission will consider the following:

Recovering From Your Fraud Losses

The U.S. Commodity Futures Trading Commission (CFTC) is the federal government agency that regulates the commodity futures, commodity options, and swaps trading markets. Part of the CFTC’s mission is to address fraud, manipulation, and abusive practices that target customers and other market participants. Unfortunately, sometimes honest people lose money to fraud. Following is information on steps those who have experienced financial fraud may take to begin recovering from their losses.

Monitor Financial Information

• Contact the receiver or monitor assigned to any CFTC enforcement action or any government case related to the fraudulent scheme and submit a claim with all accurate supporting documentation to the assigned receiver or monitor.

• Review any asset or income disclosures you have reported that included the misinformation for things such as loans, public assistance, immigration, and taxes.

• Provide...

The CFTC’s mission is to promote the integrity, resilience, and vibrancy of the U.S. derivatives markets through sound regulation.  The Commission pursues that mission through rulemaking.  The Commission may promulgate, amend, or repeal rules based on statutory directives, discretionary objectives, or petitions for rulemaking submitted by the public.

Washington, D.C. — The Commodity Futures Trading Commission today announced the settlement of two enforcement matters involving Deutsche Bank. In the first matter, Deutsche Bank AG (Deutsche Bank) resolved federal court charges stemming from alleged violations of various swap data reporting and other regulatory violations. In the second matter, the CFTC issued an administrative order against Deutsche Bank Securities Inc. (DBSI), filing and settling charges that two of DBSI’s traders engaged in spoofing. According to the order, DBSI manually placed bids or offers on the Chicago Mercantile Exchange (CME) with the intent to cancel those bids or offers before execution, an illegal practice known as spoofing.

Deutsche Bank

District Judge William H. Pauley III of the United States District Court for the Southern District of New York entered a consent order settling the CFTC’s case against Deutsche Bank for numerous swap data reporting requirements, failures related to...

Making decisions to trade or invest by yourself, especially if you are socially isolated, could make you more susceptible to fraud, research shows. If you’re solicited to buy or trade assets such as gold, silver, or digital assets, taking a little time to talk the idea over with someone you know and trust could save you significant losses down the road.

A 2019 joint study by the FINRA Investor Education Foundation, Better Business Bureau, and Stanford Center for Longevity found that respondents targeted by fraud were more likely to lose money if they did not have anyone with whom they could discuss the offers. In addition, those who engaged with the fraudsters “expressed significantly higher feelings of loneliness.”

According to previously unreleased data, the study’s authors said, nearly twice as many victims (41 percent) agreed with the statement “I didn’t have anyone to discuss (the solicitation) with” as non-victims (24 percent). Widowed (47 percent) and...

List of Foreign Entities That Have Been Identified as Acting in a Capacity That Appears to Require Registration but Are Not Appropriately Registered With the Commission

The CFTC frequently receives investigative leads and questions from the public about foreign entities that solicit and/or accept funds from U.S. residents at a retail level. For example these leads and questions can relate to, among other things, foreign entities that engage in foreign currency (“Forex”) in a capacity similar to Retail Foreign Exchange Dealers (“RFEDs”), Introducing Brokers, Commodity Trading Advisors or Commodity Pool Operators and binary options. Many of these foreign entities are acting in a capacity that requires them to be registered with the CFTC.

If a foreign entity is registered with the commission, then it is subject to CFTC regulations and oversight that apply to registrants. Generally, foreign entities that solicit you to trade are required to...

The best way to protect yourself against fraud is to stay informed. Be aware of the tactics scammers use to lure you into making questionable investing decisions. Watch for the following in the sales pitches:

“The fundamental objective for any government agency overseeing financial markets and institutions should be sound regulation. And how we regulate is just as important as what we regulate. Every major financial regulator in the world employs, to varying degrees, two primary methods of regulation: principles-based and rules-based …

“The CFTC has a unique history and tradition of being a principles-based regulator. Loosely stated, this means that the CFTC relies more on clearly stated principles to achieve regulatory objectives than it does on compliance with detailed, prescriptive rules. The CFTC has generally been more of a principles-based regulator than other U.S. regulators …

“In general terms, principles-based regulation reflects a transition away from detailed, prescriptive rules toward high-level, broadly-stated principles that create standards by which regulated firms must operate …

“Principles-based regulation is not intended to be “light-touch.”...

Before working with any person or firm to trade in commodity futures, commodity pools, options, forex, or other derivatives, verify that the entity is properly registered with the CFTC.  The Commodity Exchange Act requires certain firms and individuals to be registered with the CFTC.  Registration and examination of intermediaries is conducted on behalf of the CFTC by the National Futures Association (NFA) under the supervision of the CFTC.

“The fundamental objective for any government agency overseeing financial markets and institutions should be sound regulation. And how we regulate is just as important as what we regulate. Every major financial regulator in the world employs, to varying degrees, two primary methods of regulation: principles-based and rules-based …

“The CFTC has a unique history and tradition of being a principles-based regulator. Loosely stated, this means that the CFTC relies more on clearly stated principles to achieve regulatory objectives than it does on compliance with detailed, prescriptive rules. The CFTC has generally been more of a principles-based regulator than other U.S. regulators …

“In general terms, principles-based regulation reflects a transition away from detailed, prescriptive rules toward high-level, broadly-stated principles that create standards by which regulated firms must operate …

“Principles-based regulation is not intended to be “light-touch.”...

Making decisions to trade or invest by yourself, especially if you are socially isolated, could make you more susceptible to fraud, research shows. If you’re solicited to buy or trade assets such as gold, silver, or digital assets, taking a little time to talk the idea over with someone you know and trust could save you significant losses down the road.

A 2019 joint study by the FINRA Investor Education Foundation, Better Business Bureau, and Stanford Center for Longevity found that respondents targeted by fraud were more likely to lose money if they did not have anyone with whom they could discuss the offers. In addition, those who engaged with the fraudsters “expressed significantly higher feelings of loneliness.”

According to previously unreleased data, the study’s authors said, nearly twice as many victims (41 percent) agreed with the statement “I didn’t have anyone to discuss (the solicitation) with” as non-victims (24 percent). Widowed (47 percent) and...

Making decisions to trade or invest by yourself, especially if you are socially isolated, could make you more susceptible to fraud, research shows. If you’re solicited to buy or trade assets such as gold, silver, or digital assets, taking a little time to talk the idea over with someone you know and trust could save you significant losses down the road.

A 2019 joint study by the FINRA Investor Education Foundation, Better Business Bureau, and Stanford Center for Longevity found that respondents targeted by fraud were more likely to lose money if they did not have anyone with whom they could discuss the offers. In addition, those who engaged with the fraudsters “expressed significantly higher feelings of loneliness.”

According to previously unreleased data, the study’s authors said, nearly twice as many victims (41 percent) agreed with the statement “I didn’t have anyone to discuss (the solicitation) with” as non-victims (24 percent). Widowed (47 percent) and...

List of Foreign Entities That Have Been Identified as Acting in a Capacity That Appears to Require Registration but Are Not Appropriately Registered With the Commission

The CFTC frequently receives investigative leads and questions from the public about foreign entities that solicit and/or accept funds from U.S. residents at a retail level. For example these leads and questions can relate to, among other things, foreign entities that engage in foreign currency (“Forex”) in a capacity similar to Retail Foreign Exchange Dealers (“RFEDs”), Introducing Brokers, Commodity Trading Advisors or Commodity Pool Operators and binary options. Many of these foreign entities are acting in a capacity that requires them to be registered with the CFTC.

If a foreign entity is registered with the commission, then it is subject to CFTC regulations and oversight that apply to registrants. Generally, foreign entities that solicit you to trade are required to...

The Commission relies on the public as an important source of information in carrying out its regulatory and enforcement responsibilities. If you have information about a violation of the Commodity Exchange Act or Commission regulations, you can report such violations or any other suspicious activities to our Division of Enforcement by submitting either a whistleblower Form TCR or a Complaint Form. You do not need to submit both forms, but you must submit a Form TCR to participate in the CFTC’s whistleblower program. Individuals who submit a Form TCR will receive anti-retaliation protections if applicable, and may be eligible for monetary awards of up to 30% of the money collected as a result of their information. Persons with customer complaints about a futures industry professional may also file a complaint under our Reparations Program.

Washington, D.C. — The Commodity Futures Trading Commission today announced that the U.S. District Court for the Southern District of New York entered a consent order for permanent injunction and other equitable relief against defendant Brett G. Hartshorn of Sarasota, Florida, finding, among other things, that he fraudulently solicited at least 13 individuals to trade off-exchange foreign currency derivatives (“forex”) and misappropriated funds of at least two of those clients.  The order requires that he pay restitution of $890,000 and imposes permanent trading and registration bans.

The order finds—and Hartshorn admits—that from at least June 18, 2008 to in or around 2014, Hartshorn fraudulently solicited at least 13 individuals, including members of his church, as well as individuals in the local community, to trade off-exchange forex.  According to the order, Hartshorn falsely told most, if not all, of his clients that he had traded forex profitably on...