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CFTC Orders Two Foreign Firms to Pay $2.5 Million for Illegal Transactions with US Customers
The Commodity Futures Trading Commission has ordered Netrios LP Ltd. and Red Acre Ltd. to pay a total of $2.5 million for facilitating illegal leveraged retail commodity transactions involving US customers. Both firms must cease their unlawful activities.
The Commodity Futures Trading Commission (CFTC) announced that it has filed and settled charges against two foreign firms, Netrios LP Ltd. and Red Acre Ltd., for illegally offering leveraged or margined retail commodity transactions to US customers who were not eligible contract participants. Netrios was found to have sold a specialized service that enabled these transactions through offshore platforms, without regard for customer eligibility requirements. Red Acre assisted Netrios by providing support, knowingly helping facilitate these illegal activities.
The firms are required to pay civil monetary penalties: $1.75 million from Netrios and $750,000 from Red Acre. They are also ordered to cease and desist from further unlawful conduct. This enforcement action underscores the CFTC’s commitment to protecting US investors from unregulated and potentially risky commodity trading activities conducted offshore.
The CFTC’s action was supported by cooperation from the Securities and Exchange Commission, the Central Bank of Ireland, the Financial Services Authority of Seychelles, and the Malta Financial Services Authority.
This case highlights the ongoing efforts by US regulators to combat illegal trading practices that can pose risks to retail investors and the integrity of the markets. It also serves as a warning to firms operating offshore to comply with US regulations if they wish to serve US clients.
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