Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today reported on the agency’s enforcement results for fiscal year 2014. The CFTC obtained a record $3.27 billion in monetary sanctions imposed against companies and individuals. The CFTC filed 67 new enforcement actions while continuing to devote significant resources to litigating a host of complex cases filed in prior years. A number of those litigations reached successful resolutions, either through settlement, the granting of summary judgment, or a finding of liability after trial.
“The CFTC is committed to aggressive enforcement and policing of our financial markets. Through the outstanding work of CFTC enforcement staff, the CFTC sends the message that the protection of customers and the integrity of the markets are paramount,” said Timothy Massad, Chairman of the CFTC.
The $3.27 billion in sanctions includes more than $1.8 billion in civil monetary penalties and more than $1.4 billion in restitution and disgorgement.* This brings the Commission’s total monetary sanctions over the past two fiscal years to more than $5 billion, which is more than the total sanctions imposed during the prior 10 fiscal years combined. Alone, this year's civil monetary penalties total more than eight times the Commission’s operating budget for the fiscal year. The Division of Enforcement (Enforcement Division) also opened more than 240 new investigations in FY 2014. This year also marked the first award made under the CFTC’s new Whistleblower Program, which Congress created as part of the Dodd-Frank Act.
“The Enforcement Division’s results reflect the unwavering dedication and hard work of our talented staff,” said Aitan Goelman, the Enforcement Division’s Director. “Going forward, we will continue to enforce the rules governing the behavior of market participants to ensure that the wrongdoers who seek to take advantage of customers or game our markets are pursued and punished so that the integrity of our markets is protected.”
The Commission’s enforcement results are even more noteworthy because of constrained resources and a truncated work year. The Enforcement Division’s staffing levels are now more than 10% smaller than when Dodd-Frank was enacted, and the CFTC was subject to the staff furloughs and a government shutdown last October.