The Commodity Futures Trading Commission (CFTC) is stepping up its investigation of fraud in the off-exchange retail forex market with the formation of a retail foreign currency fraud enforcement task force. Since the agency’s reauthorization in May, the CFTC has been buzzing with activity, studies and task forces, specifically in the energy arena with its formation of a task force in June to study commodity markets and its recent charges against trading fund Optiver for manipulation in Nymex oil contracts, which came after the CFTC endured Congressional attacks this summer that blamed speculators for higher oil prices. The CFTC now intends to show no mercy on retail forex fraudsters. “This announcement sends a clear signal that the CFTC is on the beat, and that our continued and increased cooperation with law enforcement authorities will help put these forex dealers where they belong – in jail,” said CFTC Commissioner Michael Dunn in a statement.
