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Last Updated on: 28th July 2023, 07:31 pm
The cftc is charged with investigations and taking action in cases where illegal trading activities appear to be taking place. The investigation may have to do with any type of domestic or international trading. Swaps, futures, and commodities trading are a few examples that fall under the eye of the cftc. Another example is when firms do reverse mergers, or take advantage of reverse merger shells, and then conduct illegal/unethical transactions.
The process of investigating and bring charges involves working closely with the public and a number of government organizations. The Department of Justice and the US Attorney’s Office are prime examples. State governmental agencies may also be involved in the investigations. International governments may also be consulted if the activity involves trades other than domestic ones. Private businesses and even individuals may be sources of information about the alleged fraudulent activity. Along with action taken by the cftc, the results may also open the defendant to the possibility of criminal and civil action.
Possible Penalties to the Defendant
Being the target of an investigation by the cftc is nothing to take lightly. That investigation may lead to substantial fines, a full criminal investigation, or a multiplicity of civil actions, up to and including stiff penalties. In terms of operation, the firm or financial professional who is under investigation may be unable to continue conducting business until the matter is resolved. That means facing possible restriction or suspension. Depending on the severity of the charges and the outcome, a permanent loss of the right to trade may occur.
The status of the defendant’s assets may also be in question. It’s not unusual for assets to be frozen until the matter is resolved. While those assets are frozen, it may be difficult to continue operating your firm, or to manage your personal finances responsibly. Never assume that some of your assets are out of reach. Many people find out too late that money and other financial assets they thought were exempt could in fact be seized.
If found guilty, those assets may be used to fulfill the terms of an order restitution. A prison sentence for convicted defendants is not out of the question.
Why a cftc Subpoena Should Not Be Ignored
Should you receive a subpoena from the cftc is received, the last thing you want to do is ignore it. The best move is to hire a lawyer immediately. You have the right to have legal counsel present at any time when you are questioned. A commodity trading charge defense lawyer will be aware of what cftc actions are in compliance with current laws and will ensure your rights are protected.
CFTC ATTORNEY PROFFER
The CFTC proffer is essentially known as queen for a day. This is an agreement between attorneys and individuals under investigation. It allows you to tell the CFTC what you know, with protection in later proceedings. Attorney proffers are different and occur when an attorney talks to the government without the client being present.
It is common for an attorney proffer to occur before a client proffer occurs. This allows the government to learn about what the client knows, and will say, without having to negotiate immunity and other information. Attorney proffers are good because they give the attorney and opportunity to influence what the government thinks about the client, and increases the value of the client in the eyes of the prosecutor. cftc attorney proffers have risks, and the biggest is that what you tell the government – can cause the government to expand the investigation. Government investigations are confidential, and if you over-inform and expand the investigation – you may not even know until it’s too late.
If you’re facing an investigation by the cftc – we encourage contacting our law firm. During an investigation, prosecutors like using proffer letters to get info from people under investigation, or who are witnesses to crimes. An attorney proffer is something which can help you get preferential treatment if done correctly. Over 95% of people who get charged with a crime get convicted. 90% of people resolve their case with a plea agreement. The government wins most trials, and that’s why many people who are charged with a crime make a deal. Sometimes, the person who makes the deal the fastest – gets the best deal. As a result, engaging in an attorney proffer agreement can be helpful – if you’re the first person to do it.
One of the drawbacks of an attorney proffer is that you’re telling the government things that aren’t necessarily true. You’re exposing yourself to pressure because if the government doesn’t believe you – they can charge you with false statements. Engaging in an unsuccessful interview can create additional crimes if you are giving false statements.
When you engage in a cftc proffer agreement, it means you can’ be prosecuted for the “item,” you are providing information for. It doesn’t prohibit the government from charging you with OTHER ADDITIONAL crimes it discovers that you committed.
Trading commodities can be a great way for anyone to earn a strong return on investment. Similar to trading other public securities, there are a variety of laws in place that govern how you may trade commodities. Those that are suspected of trading commodities with insider information or trading in a fraudulent manner could face federal charges.
Who Handles Commodities Trading Charges?
Today, commodities charges are handled by the cftc. This is a federal enforcement division that handles many trading and investment charges, such as fraud and insider trading. The organization works to handle charges for federal, state and foreign trading violations. This can include handling charges related to illegal trades related to commodities, swaps, options, and futures.
What are Common Commodities Trading Violations?
There are a variety of different types of commodities trading crimes that you could be charged with. One of the most common is in regards to insider trading. While insider trading is not as rampant with commodities trading as it is with stocks, there are situations in which you could have insider data that could give you an unfair advantage on the market. If you do trade with insider information, you could be charged with a criminal act. The cftc also commonly investigates fraudulent trading activity. This more has to do with institutional traders that may make trades that go against their reported investment strategy or if they do not provide investors with the right amount of financial detail or inaccurate data.
What are Commodities Trading Penalties?
If you are charged with a criminal commodities trading charge, there are a variety of different penalties that you could be hit with. The most common penalties are typically financial penalties that can be levied in either civil or criminal trials. These penalties will surely require you to pay back any profits you made when using insider information and could also include fairly significant punitive penalties.
If you have been trading with insider information over a period of time, or if you are guilty of fraud, you could be facing imprisonment. These financial crimes can carry a variety of prison term lengths, some of which can extend for several decades depending on the scope of the crime. Those that are charged with insider information or other trading violations may permanently be restricted from trading commodities and stocks in the future. Others may simply be put on a probation plan.
Benefits of Having a Criminal Lawyer Defend You
Since commodities trading criminal charges are so serious, you need to make sure that you are properly represented by a criminal defense attorney that is knowledgeable about this type of law. Commodities trading is a very complex area of the legal world and having an experienced attorney by your side will help you to build a case that can result in the charges being dropped. The attorney will also be able to work with prosecutors and other parties to allow you to plea to a lesser charge to ensure your potential punishment is minimized.
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