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CFTC

CFTC Brings First Fraud Case Attributed to Pandemic

Trace Schmeltz

Trace Schmeltz

Partner
Financial and Regulatory Litigation Group Co-Chair

On July 8, 2020, the Commodity Futures Trading Commission (CFTC) brought its first case “alleging misconduct tied directly to the pandemic.” The case, CFTC v. James Frederick Walsh, asserts that Walsh fraudulently solicited foreign exchange customers by falsely claiming that “the returns in forex continue to grow as the rest of the financial world continues to suffer.”

There have been additional cases filed during the time of the pandemic, but this is the first that has been openly attributed to the global health crisis. These cases illustrate the CFTC’s continued vigilance into market fraud during the COVID-19 pandemic.  

More about the CFTC’s most recent case can be found on its website.


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