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ARTICLE · 06 JULY 2017

Federal Court Bans CPO For Making False Statements

Hogan Lovells Cadwalader
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A federal judge of the U.S. District Court for the Southern District of New York entered an Opinion and Order that permanently banned a New York-based CPO from registering with the CFTC...

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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A federal judge of the U.S. District Court for the Southern District of New York entered an Opinion and Order that permanently banned a New York-based commodity pool operator ("CPO") from registering with the CFTC or engaging in any commodity trading.

According to a CFTC Complaint, managing member and sole employee of Wall Street Pirate, LLC Gary Creagh (i) made false statements to the National Futures Association about the CPO's trading activity, and (ii) did not meet the books and records or proper disclosures filing requirements of the Commodity Exchange Act. The misconduct reportedly occurred between December 2011 and September 2013.

As a result of this misconduct, the Order directed Mr. Creagh and Wall Street Pirate to pay $125,000, and imposed the permanent ban.

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