CFTC FY2022 enforcement results: Record penalties, digital asset crackdown

CFTC building

The Commodity Futures Trading Commission (CFTC) on Thursday highlighted its enforcement accomplishments from the 2022 fiscal year, including more than $2.5 billion ordered through restitution and penalties across 82 actions.

The agency, which regulates the U.S. derivatives market, made its presence most felt in May, when it announced a record penalty of approximately $866 million and disgorgement order of about $321 million against Glencore, one of the world’s largest commodity traders. Glencore was further fined by the Department of Justice and Brazilian authorities for alleged bribes paid in several countries over more than a decade. The CFTC alleged market manipulation and corruption in global oil markets as part of its role in the resolution.

Other standout figures from the year included the agency’s 18 actions involving conduct related to digital assets and its record-breaking award of nearly $200 million to an individual whistleblower reported to have tipped the CFTC regarding Deutsche Bank’s manipulation of the London Interbank Offered Rate (LIBOR), a case that resulted in the bank paying $2.5 billion in penalties in 2015.

lock iconTHIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.