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ARTICLE · 15 JULY 2016

Consent Order Settles CFTC Charges Over "Money Pass Scheme"

Hogan Lovells Cadwalader
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U.S. District Court for the Northern District of Illinois Judge Milton I. Shadur entered a Consent Order settling CFTC charges against a Nevada corporation and its owner for engaging in fictitious single stock futures transactions...

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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U.S. District Court for the Northern District of Illinois Judge Milton I. Shadur entered a Consent Order settling CFTC charges against a Nevada corporation and its owner for engaging in fictitious single stock futures transactions and trading non-competitively on an electronic futures exchange in violation of the Commodity Exchange Act.

The CFTC Complaint charged that the corporation owner conducted a "money pass" scheme by illegally moving at least $390,000 from an account carried in the name of a Canadian law firm to his own corporation through a series of 1,248 prearranged, non-competitive trades using single stock futures contracts on a Chicago electronic futures exchange. The CFTC Complaint alleged that the disbarred owner of the Canadian law firm provided the corporation owner, as a former client, with his login credentials to enter trades for the law firm's account. The CFTC Complaint contended that the owner traded the two accounts almost exclusively against

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