The U.S. Commodity Futures Trading Commission (CFTC) reported that its 2020 fiscal year (ended Sept. 30) was a record year for enforcement, with 113 new actions filed.
The enforcement activity included 29 cases involving alleged Covid-19 fraud, the agency noted.
The CFTC also recently settled a case involving the largest monetary relief in the commission’s history — a US$920 million deal with JP Morgan for violations related to market manipulation and spoofing.
“We are tough on those who break the rules, and this historic year only further underscores this point,” said CFTC chairman Heath Tarbert.
“The case statistics alone are impressive, but the fact that the enforcement program was this successful even during a pandemic is even more remarkable,” Tarbert added.
The CFTC also announced that enforcement division director James McDonald will leave the agency on Oct. 8. McDonald headed the CFTC’s enforcement division since 2017.
Vincent McGonagle, principal deputy director of the division, will serve as acting director after McDonald leaves.