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ARTICLE · 10 AUGUST 2026

CFTC Enforcement Brings Another Event Contracts Case

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Jim Lundy is a legal professional at Foley, specializing in corporate law matters. His expertise and contact information are available for client consultation and professional inquiries.

United StatesCorporate/Commercial Law
James G. Lundy
James G. Lundy
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On July 31, 2026, the Commodity Futures Trading Commission (CFTC) announced an order filing and settling charges against a former congressman for engaging in manipulative activity in an event contract traded on a registered designated contract market — the CFTC specifically characterized the contract as an event contract “whose underlying event” the former congressman “controlled,” and alleged that he improperly traded on an event he had the power to influence. (See CFTC Press Release No. 9276-26; In re Santos, CFTC Docket No. 26-05.) The consent order requires the former congressman to pay a total of $35,000 — comprising approximately $17,500 in disgorgement of profits and a $17,500 civil monetary penalty — and imposes a three-year trading ban and a cease-and-desist requirement. The former congressman did not admit to wrongdoing; the order notes his cooperation in the investigation. In a public statement, counsel for the former congressman stated: “He chose a prompt, practical

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