Yesterday’s blog describes the CFTC sanctions against INT FCSTONE for activity that began in 2008. This blog describes sanctions imposed on them on November 14, 2017, a year before the collapse of OptionSellers.
The CFTC order required INT FCStone to pay a $280,000 civil money penalty and change their practices. While this as not as severe a penalty as the earlier penalty for illegal conduct that began in 2018, it shows a pattern of conduct.
In talking with the lawyers of other victims I have been concerned that there is not more information sharing. Therefore, I hope that other lawyers and their victims will exchange their experiences. That is the purpose of my blogs. I hope my readers will contact their Members of Congress.
We should always remember that this is the biggest financial scandal since Bernie Madoff ten years ago. He will live out his life serving his 145 year jail sentence. The most significant difference is that his conduct was regulated by the SEC while these are under the CFTC.
Michael R. McLeod