CFTC-PR-9011-24 (12-4-24) (CFTC-PR-2412)

CFTC Releases FY 2024 Enforcement Results

Obtains Record-Setting $17.1 Billion in Monetary Relief, Sanctions

Excerpt: December 4, 2024 – WASHINGTON, D.C. — The Commodity Futures Trading Commission today announced record monetary relief of over $17.1 billion for fiscal year 2024. With the resolution of digital asset cases that resulted in the agency’s largest recovery ever, this record amount included $2.6 billion in civil monetary penalties and $14.5 billion in disgorgement and restitution.

In FY 2024, the agency brought 58 new actions including precedent-setting digital asset commodities cases, its first actions addressing fraud in voluntary carbon credit markets, complex manipulation cases in various markets, and significant compliance cases – including its largest compliance case ever. The CFTC also continued to vigorously litigate pending actions, resulting in significant litigation victories and recoveries.

“The CFTC remains steadfast in its duties to protect customers and vigorously oversee CFTC-regulated markets critical to the health of the U.S. economy,” Chairman Rostin Behnam said. “Misconduct in our jurisdictional markets is rarely confined, especially as these boundaries are continually being redefined by disruptive technology. I commend our Division of Enforcement for remaining thoughtful and agile in its response to evolving markets and a growing pool of participants. Their dedication to holding accountable those who violate the Commodity Exchange Act is invaluable to the American public.”

“Our actions in FY 2024 reflect our commitment to holding recidivist actors accountable, obtaining meaningful monetary relief and sanctions, and implementing robust remediation measures,” said Director of Enforcement Ian McGinley. “This was a year of large-scale, complex cases and settlements in both our traditional markets and in areas of increasing importance, such as voluntary carbon markets. We are committed to prioritizing strong, effective, and focused enforcement to deter future misconduct. I thank our division staff for their unwavering dedication this year; with their expertise and professionalism they are staunch defenders of our markets.”

Source:  https://www.cftc.gov/PressRoom/PressReleases/9011-24

Categories: Agency Reports – Agency Refunds

CFTC-PR-9011-24 (12-4-24)