The U.S. Commodity Futures Trading Commission (CFTC) reports that it continued to ramp up its enforcement activity in fiscal 2012.
The CFTC announced that it filed 102 enforcement cases and opened more than 350 new investigations during the year. It also obtained orders imposing more than US$585 million in sanctions, including orders imposing more than US$416 million in civil monetary penalties and directing the payment of more than US$169 million in restitution and disgorgement, it announced.
One of its highest-profile cases during the year was its case against Barclays plc over allegations that it manipulated the key benchmark interest rate, known as LIBOR. The charges were settled for a US$200 million penalty, which is the largest fine it has ever levied.
Also, during the year, the CFTC assisted federal and state criminal and civil law enforcement authorities in more than 200 investigations and prosecutions, 50 of which were related to separate actions commenced by the CFTC.
“The division’s lawyers, investigators, paralegals and administrative staff are committed to investigating and litigating cases that have the greatest impact, whether they are against some of the world’s largest financial institutions for attempted manipulation, false reporting, customer fund violations, wash trading, or supervision failures, or against a Ponzi schemer who perpetrates a multi-million dollar scam on the unsuspecting public,” said David Meister, the CFTC’s enforcement division director.