CFTC Settles Leveraged Precious Metals Suit for $38M in Restitution and Penalties
In one of the most significant enforcement matters pursued by the Commodity Futures Trading Commission (CFTC) in recent times, a federal judge has approved a settlement requiring a group of defendants to pay millions in restitution to victims of a leveraged precious metals trading program.
March 08, 2023 at 09:11 AM
5 minute read
Board of Contributors
Aaron M. Cohn, partner with Weinberg Wheeler Hudgins Gunn & Dial. Courtesy Photo In one of the most significant enforcement matters pursued by the Commodity Futures Trading Commission (CFTC) in recent times, a federal judge has approved a settlement requiring a group of defendants to pay millions in restitution to victims of a leveraged precious metals trading program.
On Dec. 19, 2022, Judge James Selna of the Central District of California entered an order adopting the settlement, reached on the eve of trial between the CFTC and Monex Deposit Co. and its affiliates (Monex). The settlement requires the defendants to jointly pay $33 million in restitution to victims of Monex's leveraged precious metals trading program, $5 million in penalties, and enjoins the defendants from future violations of the Commodity Exchange Act, among other things.
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