Ninth Circuit Sides with CFTC on Scope of Anti-Manipulation Authority . But then the Ninth Circuit Court of Appeals deferred to the CFTC’s strained interpretation of “actual delivery” and allowed the enforcement action to move forward. The following footage was recently taken in San Francisco at the US Court of Appeals for the Ninth Circuit. See CFTC v. Monex Credit Co., 931 F.3d 966 (9th Cir. 13 The Ninth Circuit reversed the district court's determination regarding the agency's authority under the antifraud provision of the … On June 29, 2020, the United States Supreme Court denied Monex Deposit Company’s petition for a writ of certiorari in the case of Monex Deposit Company versus the Commodity Futures Trading Commission. Under this program a customer opens an account and can take a position in one or more precious metals. 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Monex Credit Co., Case No. Decided July 25, 2019). Not only that, Monex … 17-1868 (USDC, CDCA, May 1, 2018) on appeal to the 9th Circuit Court of Appeals, Case No. The appellate panel disagreed with Monex’s proposed interpretations of the two letters and the two words and sent the case back to the district court to proceed to discovery. 18-55815 (9th Cir. MONEX The Ninth Circuit concluded that the Dodd-Frank Act’s purpose was to give the CFTC broad remedial powers to ferret out and prohibit conduct that was deceptive and harmed consumers, even when that conduct did not result in market manipulation. The Monex decision (1) clarifies what constitutes “actual delivery” of a precious metal (i.e., a commodity), and (2) … Monex has been a large precious metals dealer for years. Please support our … 3d 1173, 1177-78 (C.D. more >> 1 This denial will eventually return the case to district court for further proceedings, potentially including a trial on the merits. 18-55815 (9th Cir. Op. The CFTC has issued several customer protection Fraud Advisories that provide the warning signs of fraud, including the Precious Metals Fraud Advisory, which alerts customers to precious metals fraud and lists simple ways to spot precious metals scams. U.S. Commodity Futures Trading Commission v. Monex Credit Co., No. 1996).) The CFTC complaint charges the defendants with defrauding thousands of retail customers nationwide out of hundreds of millions of dollars, while executing thousands of illegal, off-exchange leveraged commodity transactions. Monex Int'l, Ltd. v. CFTC, 83 F.3d 1130 (9th Cir. Cryptocurrency exchanges should vigilantly monitor the Appeals Court decision. The district court dismissed the action, finding that the CFTC’s anti-fraud provision allowed it only to regulate conduct that was both deceptive and manipulative. Decided July 25, 2019). Monex has been a large precious metals … 7 CFTC v. Monex Credit Co., 311 F. Supp. Ninth Circuit Rules in Favor of CFTC in Fraud Case Against Monex Deposit Company and its Principals Washington, DC – On Thursday, July 25, the U.S. Court of Appeals for the Ninth Circuit … United States Court of Appeals for the Ninth Circuit Recommended for you 39:51 18-35514 ONDA v. USFS - Duration: 33:50. 2019). Read the Court's full decision on FindLaw. Monex Deposit Company v. Commodity Futures Trading Commission Petition for certiorari denied on June 29, 2020 Docket No. CFTC vs Monex Lawsuit Appeal. In the meantime, you can access a copy of the opinion here. Circuit Court of Appeals, which revived the CFTC’s 2017 enforcement action. Commodity Futures Trading Commission (CFTC) to regulate, and penalize, transactions outside the commodity futures markets. The company is now seeking Supreme Court review of the case. Monex appealed, seeking their return and an injunction to prevent the CFTC from using them in any enforcement proceeding. factual background below is drawn upon the Ninth Circuit’s decision in CFTC v. 1 Monex Credit Co., 931 F.3d 966 (9th Cir. But then the Ninth Circuit Court of Appeals deferred to the CFTC’s strained interpretation of “actual delivery” and allowed the enforcement action to move forward. N/A N/A N/A: N/A: OT 2019: Issues: (1) Whether 7 U.S.C. Monex Credit Co., Case No. 18-55815 (9th Cir. Monex Deposit Company’s argument was rejected by the 9th Circuit Court of Appeals last year, a decision now final given the Supreme Court’s determination. --Editing by Peter Rozovsky. United States Court of Appeals for the Ninth Circuit 13,022 views. Circuit found that the CFTC could enforce Section 4b’s anti-fraud provision against the defendants. The 9th Circuit Decision overturned CFTC v. Monex, Case No. In May 2018, U.S. District Judge James V. Selna sided with Monex and tossed the suit. Recent Decision … Monex won their case in the district court, but the Ninth Circuit reversed the decision. In its continuing litigation, the CFTC seeks disgorgement of ill-gotten gains, restitution for the benefit of defrauded customers, civil monetary penalties, permanent registration and trading bans, and a permanent injunction from future violations of federal commodities laws, as charged. Welcome to the Internet portal of the United States Courts for the Ninth Circuit. Decided July 25, 2019). 18-55814 (July 25, 2019) (“9thCircuit Decision”). CFTC v. Monex Credit Co. 18-55815 Decided: July 25, 2019 Before: Siler Findlaw is currently processing this opinion. In a 3-0 ruling, the court on July … The Ninth Circuit Court of Appeals recently addressed this point in CFTC v. Monex Credit Company, No. Decided July 25, 2019). SACV 17-01868 JVS (DFMx) (May 1, 2018). Customers can report suspicious activities or information, such as possible violations of commodity trading laws, to the CFTC Division of Enforcement via a Toll-Free Hotline 866-FON-CFTC (866-366-2382) or file a tip or complaint online. United States Court of Appeals for the Ninth Circuit 1,256 views. Commodity Futures Trading Comm’n v. Monex Credit Co., No. While this decision was given in the context of precious metals, it could be relevant to the cryptocurrency industry as well. Since at least 2011 the firm has operated what it calls the Atlas Program. Under this program a customer opens an account and can take a position in one or more precious metals. Monex is a dealer of precious metals that, as relevant to the CFTC’s allegations, offered a program through which customers could purchase precious metals on margin (i.e., the customer pays … 13 The Ninth Circuit reversed the district court's determination regarding the agency's authority under the antifraud provision of the CEA, finding that the CFTC has authority to bring standalone fraud claims. See CFTC v. Monex Credit Co., 931 F.3d 966 (9th Cir. SACV 17-01868 JVS (May 1, 2018). Since at least 2011 the firm has operated what it calls the Atlas Program. The California district judge refused to allow the commission’s lawsuit against Monex to proceed. Docket for CFTC v. Monex Credit Co., 18-55815 — Brought to you by the RECAP Initiative and Free Law Project, a non-profit dedicated to creating high quality open legal information. 2019). 18-55815 (9th Cir.)(pending). “This should put to rest any question of the CFTC’s authority to redress fraud in commodity markets,” said Robert A. Schwartz, the CFTC’s deputy general counsel for litigation, in a press release . The CFTC’s fence-testing in the Monex case is disquieting, to say the least. A Ninth Circuit panel reversed the district court’s dismissal of the CFTC’s enforcement action against Monex Credit Company, its affiliated companies, and its principals for alleged fraud in precious metals sales and remanded the matter further proceedings. CFTC’s Precious Metals Customer Fraud Advisory. In their brief to the Ninth Circuit Monex has claimed that “The CFTC’s violence to the fundamental structure of CEA and its history,” … The panel held that the actual delivery exception to the Commodity Exchange Act (CEA) was an … 12 These allegations are summarized from the Background section of the Ninth Circuit's decision. The Seventh Circuit affirmed, stating that Monex was … The petition sought to overturn a July 2019 ruling by the 9th U.S. Docket No. The Commission affirmed two decisions made by Administrative Law Judges (“ALJ”). “The CFTC will continue to stand up for everyday Americans who rely on the financial products we regulate.”, “We are very pleased with the Ninth Circuit’s decision,” said CFTC Deputy General Counsel for Litigation Robert A. Schwartz, who argued the case. Monex Deposit Company’s argument was rejected by the 9th Circuit Court of Appeals last year, a decision now final given the Supreme Court’s determination. 2019) Annotate this Case. The Ninth Circuit Court of Appeals recently addressed this point in CFTC v. Monex Credit Company , No. July 25, 2019), the Ninth Circuit Court of Appeals shed some light on this question. The Ninth Circuit rejected Monex’s other arguments that the CFTC lacked enforcement authority to bring claims under the new provisions created by the Dodd-Frank Act and that an unbounded antifraud … The court of appeals denied complainant's application for failure to comply with Ninth Circuit Rule 28-2.3. One ALJ found that Monex violated CFTC Regulation 31.23, 17 C.F.R. “This is the right result, and it is important for the CFTC’s continuing efforts to protect customers and fight fraud in commodity markets. In a recent case CFTC v Monex Credit, No. On or about May 24, … Decided July 25, 2019). The Ninth Circuit Court of Appeals recently addressed this point in CFTC v. Monex Credit Company , No. On July 25, 2019, the Ninth Circuit reinstated the Commodity Futures Trading Commission’s (CFTC) lawsuit in CFTC v.Monex Credit Co., 1 interpreting the CFTC’s Dodd-Frank enforcement … 2019) and earlier Court orders. Case opinion for US 9th Circuit CFTC v. Monex Credit Co.. Read the Court's full decision on FindLaw. 12 These allegations are summarized from the Background section of the Ninth Circuit's decision. The MONEX Brief The folks over at Monex see things a bit differently. In it the U.S. Commodity Futures Trading Commission (CFTC) appeals the district court’s recent dismissal of its enforcement action against Monex Credit Company, alleging that Monex operated an illegally unregistered commodity trading platform. The 9thCircuit Decision overturned CFTC v. Monex, Case No. The CFTC appealed, and the … 18-55815 (9th … The Ninth Circuit held that the district court erred in dismissing the case, and ruled that the CFTCs charges of fraud and illegal off-exchange commodity trading could proceed. By Commodity Futures Trading Commission …… On Thursday, July 25, the United States Court of Appeals for the Ninth Circuit reinstated its anti-fraud enforcement action against Monex … 13 The Ninth Circuit reversed the district court's determination regarding the agency's authority under the antifraud provision of the CEA, finding that the CFTC has authority to bring standalone fraud claims. The CFTC’s fence-testing in the Monex case is disquieting, to say the least. A unanimous panel held that the term “actual delivery” under the Act “unambiguously requires the transfer of some degree of possession or control” to customers, and as alleged in the complaint, the defendants’ delivery of metal to its customers “amounts to sham delivery, not actual delivery.”  The Ninth Circuit further ruled that the Act prohibits fraud regardless of whether there has also been market manipulation, and that the Commission can take appropriate enforcement action when such fraud occurs. 18-55815 (9th Cir. The Monex decision — which is in the minority with respect to the scope of the CFTC’s anti-fraud authority — is currently on appeal to the Ninth Circuit. The Ninth Circuit held that the district court erred in dismissing the case, and ruled that the CFTC’s charges of fraud and illegal off-exchange commodity trading could proceed. Below Argument Opinion Vote Author Term; 19-933: 9th Cir. Monex has been a … § 9, the Commodity Exchange Act’s “Prohibition Against Manipulation,” empowers CFTC to punish conduct that does . Cal. 18-55815 (9th Cir. [See CFTC Press Release No. See CFTC v. Monex Credit Co., 931 F.3d 966 (9th Cir. Justia Opinion Summary. and on your right you will see useful resources that could help you find your page. On Thursday, July 25, the U.S. Court of Appeals for the Ninth Circuit reinstated its anti-fraud enforcement action against, Check Registration & Disciplinary History. Aug. 9, 1996).) 1:08:18. Ninth Circuit reaffirms CFTC’s broad enforcement powers None of the full court’s judges requested a vote to rehear the matter, three circuit court judges said in an Oct. 3 order . One ALJ found that Monex violated CFTC Regulation 31.23, 17 C.F.R. On July 25, 2019, the Ninth Circuit reinstated the Commodity Futures Trading Commission’s (CFTC) lawsuit in CFTC v. Monex Credit Co., 1 interpreting the CFTC’s Dodd-Frank enforcement … Monex International Ltd. ("Monex") seeks review of an order issued by the Commodity Futures Trading Commission ("CFTC" or "the Commission") in a reparations proceeding. The district court also held that the Commodity Exchange Act (Act) does not prohibit fraud in connection with a contract of sale of a commodity in interstate commerce unless the defendant has also attempted to commit market manipulation. Whether 7 U.S.C. 7609-17]. CourtListener is a project of Free Law Project, a federally-recognized 501(c)(3) non-profit.We rely on donations for our financial security. Ninth Circuit Rules for CFTC in Fraud Case Against Monex July 29, 2019 By Commodity Futures Trading Commission …. Case opinion for US 9th Circuit MONEX INTERNATIONAL LTD v. COMMODITY FUTURES TRADING COMMISSION. Below Argument Opinion Vote Author Term 19-933 9th Cir. At stake are hundreds of millions of dollars.” So begins the Ninth Circuit Court of Appeals’ opinion issued today in a long-awaited decision … Respondent Monex appealed this decision to the United States Court of Appeals for the Ninth Circuit, which affirmed our order. On June 29, 2020, the US Supreme Court denied certiorari in the long-running Commodity Futures Trading Commission (“CFTC”) action against Monex Credit Company. SACV 17-01868 JVS (DFMx) (May 1, 2018). On July 25, 2019, the Ninth Circuit reinstated the Commodity Futures Trading Commission’s (CFTC) lawsuit in CFTC v.Monex Credit Co., 1 interpreting the CFTC’s Dodd-Frank enforcement authority under Commodity Exchange Act (CEA) Section 6(c)(1) and CFTC Rule 180.1(a) to extend to cases of fraud. 2019). While the opinion is expressly limited to leveraged retail commodity transactions, the CFTC is likely to … 18-55815 (9 th Cir. En Banc Court 11-10669 USA v. Barry Bonds - Duration: 1:08:18. United States Court of Appeals for the Ninth Circuit Recommended … … “I congratulate our appellate and enforcement teams for their many months of hard work on this case. 11-17484 State of Arizona v ASARCO LLC - Duration: 1:14:15. 18-55815 (9th Cir. (Monex Int'l, Ltd. v. CFTC, No. 9a Monex’s Alleged Scheme and This Lawsuit The CFTC contends that Atlas is a scheme that has violated the CEA since at least July 2011. In the Monex case, the CFTC alleged that Monex has two businesses involving precious metals. United States Ninth Circuit CFTC v. Monex Credit Co. 18-55815 Decided: July 25, 2019 Before: Siler … The Ninth Circuit rejected Monex's other arguments that the CFTC lacked enforcement authority to bring claims under the new provisions created by the Dodd-Frank Act and that an … By Michael Brooks, Robert Pease, and Ryan Eletto A three-judge panel for the U.S. Court of Appeals for the Ninth Circuit recently issued a decision that revives claims by the Commodity Futures Trading Commission (CFTC) that Monex Deposit Company and two affiliates (Monex) violated the Commodity Exchange … A three-judge panel for the U.S. Court of Appeals for the Ninth Circuit recently issued a decision that revives claims by the Commodity Futures Trading Commission (CFTC) that Monex … MSLF filed an amicus curiae brief in February 2020 supporting Monex’s The Commission affirmed two decisions made by Administrative Law Judges ("ALJ"). The Ninth Circuit reversed the district court's dismissal of the Commission's enforcement action against Monex for alleged fraud in precious metals sales. The Ninth Circuit's decision last month in U.S. Commodity Futures Trading Commission v. Monex is consistent with the Commodity Exchange Act amendments' intention to … U.S. Court of Appeals for the Ninth Circuit: U.S. Commodity Futures Trading Comm’n v. Monex Credit Co., … 2018), reversed, No. The case is U.S. Commodity Futures Trading Commission v. Monex Credit Co. et al., case number 18-55815 , in the U.S. Court of Appeals for the Ninth Circuit . August 1, 2019 CFTC Monex Deposit Company Ninth Circuit Rules Washington, DC – On Thursday, July 25, the U.S. Court of Appeals for the Ninth Circuit reinstated its anti-fraud enforcement … You can also use our search box above to quickly search for the page or resource you are looking for. “This should put to rest any … 18-55815 (9 th Cir. Recent Decision Permits CFTC to Bring Enforcement Actions Involving Fraud Without Also Alleging Manipulation, and May Open the Door for a Stand-Alone Manipulation Claim Willkie Farr & Gallagher LLP | willkie.com 2 Congress added CEA Section 6(c)(1) as part of the Dodd-Frank Act of 2010. The Ninth Circuit Court of Appeals recently addressed this point in CFTC v. Monex Credit Company, No. Division of Enforcement staff members responsible for this action are Carlin Metzger, Bridget Weyls, Joseph Konizeski, Jon Kramer, Matthew Rowland, Jeffrey Gomberg, Scott Williamson, and former staff Michael Frisch, Eric Schleef, and Rosemary Hollinger. The California district judge refused to allow the commission’s lawsuit against Monex to proceed. United States Ninth Circuit. CFTC v. Monex, No. The Ninth Circuit Court of Appeals recently addressed this point in CFTC v. 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