We released a great new tool on SM Litigator yesterday, that allows you to search a trove of enforcement actions data from the CFTC. This new search page resembles similar work we have done with SEC enforcement actions and PCAOB inspection reports and disciplinary proceedings.
The CFTC tool is unique because it lets you access hand-tagged data that is otherwise unavailable. For example, you can search enforcement actions by Defendant Name, Defendant Place of Employment, Position, Violation, Penalty type, Penalty Amount, and Other Sanctions. The data currently goes back to 2004, with plans to extend it back to 2000 in the next few months.
Access to this data lets you quickly analyze, evaluate, and understand details and trends in commodities and futures enforcement. With CFTC Enforcement Action Search, you can perform enforcement action trend analysis and quickly model and profile the range of any possible actions and penalties against a client or employee.
For example, using the CFTC enforcement tool, you can learn instantly that the CFTC has brought actions against 21 CEOs since 2004, for alleged violations ranging from Disclosure Violation and False Reporting to Missappropriation to Misrepresentation to Commodity Pool Fraud, and Commingling. By contrast, the CFTC has brought actions against only two Chief Financial Officers and one General Counsel.
The vast preponderance of the actions brought by the CFTC concern various kinds of fraud. However, the CFTC also brings significant numbers of actions against individuals and companies for false reporting, misrepresentation, and misappropriation. Recent actions include a very large settlement with BP Products for manipulation in the propane market and action against a variety of individuals involved in a multi-million dollar foreign currency options scam.
It's good stuff.
