CFTC Brings First Fraud Case Attributed to Pandemic

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.”