The California district judge refused to allow the commission’s lawsuit against Monex to proceed. “This is the right result, and it is important for the CFTC’s continuing efforts to protect customers and fight fraud in commodity markets. Monex appealed, seeking their return and an injunction to prevent the CFTC from using them in any enforcement proceeding. En Banc Court 11-10669 USA v. Barry Bonds - Duration: 1:08:18. SACV 17-01868 JVS (May 1, 2018). The 9thCircuit Decision overturned CFTC v. Monex, Case No. 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. 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 … “A two-letter conjunction and a two-word phrase decide this case. 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. But what constitutes “actual delivery” remains a question. The questions presented are: 1. United States Court of Appeals for the Ninth Circuit 1,256 views. 7609-17]. 1:08:18. The panel held that the actual delivery exception to the Commodity Exchange Act (CEA) was an … Monex Credit Co., Case No. “I congratulate our appellate and enforcement teams for their many months of hard work on this case. 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. 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. SACV 17-01868 JVS (DFMx) (May 1, 2018). “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. The California district judge refused to allow the commission’s lawsuit against Monex to proceed. 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. At stake are hundreds of millions of dollars.” So begins the Ninth Circuit Court of Appeals’ opinion issued today in a long-awaited decision … 2019). 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 … Decided July 25, 2019). Since at least 2011 the firm has operated what it calls the Atlas Program. Monex won their case in the district court, but the Ninth Circuit reversed the decision. Below Argument Opinion Vote Author Term; 19-933: 9th Cir. In a 3-0 ruling, the court on July … 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. 18-55815 (9th Cir. The CFTC Office of General Counsel also thanks the Division of Market Oversight for its assistance. Read the Court's full decision on FindLaw. Cryptocurrency exchanges should vigilantly monitor the Appeals Court decision. 3d 1173, 1177-78 (C.D. Case opinion for US 9th Circuit MONEX INTERNATIONAL LTD v. COMMODITY FUTURES TRADING COMMISSION. 18-55815 (9 th Cir. Op. See CFTC v. Monex Credit Co., 931 F.3d 966 (9th Cir. We look forward to resuming this enforcement action in the district court.”. The decision reverses a March 2018 ruling by the district court, which dismissed the case based on its holding that the CFTC lacked authority over the alleged fraud because defendants make “actual delivery” of precious metal to customers. 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 … 18-55815 (9th Cir. Monex Credit Co., Case No. Op. Recent Decision … 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. Monex has been a large precious metals dealer for years. 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 … The Ninth Circuit Court of Appeals recently addressed this point in CFTC v. Monex Credit Company , No. 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. 2019). United States Court of Appeals,Ninth Circuit. “This should put to rest any … U.S. Commodity Futures Trading Commission v. Monex Credit Co., No. Support FLP . The U.S. Court of Appeals for the Ninth Circuit reinstated its anti-fraud enforcement action against Monex Deposit Company and its affiliated companies and principals (defendants). Under this program a customer opens an account and can take a position in one or more precious metals. Decided July 25, 2019). (Monex Int'l, Ltd. v. CFTC, No. Since at least 2011 the firm has operated what it calls the Atlas Program. The panel held that the actual delivery … 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 … Not only that, Monex … 11-17484 State of Arizona v ASARCO LLC - Duration: 1:14:15. The 9th Circuit Decision overturned CFTC v. Monex, Case No. Regulation of cryptocurrency, also … CFTC v. Monex, No. Monex Int'l, Ltd. v. CFTC, 83 F.3d 1130 (9th Cir. 7 CFTC v. Monex Credit Co., 311 F. Supp. In a recent case CFTC v Monex Credit, No. Respondent Monex appealed this decision to the United States Court of Appeals for the Ninth Circuit, which affirmed our order. 2019) and earlier Court orders. … 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. Please support our … 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 . 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 … The CFTC’s fence-testing in the Monex case is disquieting, to say the least. In the Monex case, the CFTC alleged that Monex has two businesses involving precious metals. The CFTC Office of General Counsel staff members responsible for the appeal are Robert A. Schwartz and Anne Stukes. Decided July 25, 2019). Decided July 25, 2019). 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. The Ninth Circuit decided CFTC v. Monex Credit Company on July 25, 2019. 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. SACV 17-01868 JVS (DFMx) (May 1, 2018). Monex has been a large precious metals … 1996).) MONEX It looks like the page you are looking for has either being moved or no longer exists. Ninth Circuit Sides with CFTC on Scope of Anti-Manipulation Authority . United States Ninth Circuit. 2019). The following footage was recently taken in San Francisco at the US Court of Appeals for the Ninth Circuit. factual background below is drawn upon the Ninth Circuit’s decision in CFTC v. 1 Monex Credit Co., 931 F.3d 966 (9th Cir. 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. The Seventh Circuit affirmed, stating that Monex was … 12 These allegations are summarized from the Background section of the Ninth Circuit's decision. 94-70330 (9th Cir. MSLF filed an amicus curiae brief in February 2020 supporting Monex’s 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 has been a large precious metals … Washington, DC – On Thursday, July 25, the U.S. Court of Appeals for the Ninth Circuit reinstated its anti-fraud enforcement action against Monex Deposit Company and its affiliated companies and principals (defendants). The Ninth Circuit Court of Appeals recently addressed this point in CFTC v. Monex Credit Company, No. In May 2018, U.S. District Judge James V. Selna sided with Monex and tossed the suit. 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. United States Court of Appeals for the Ninth Circuit Recommended for you 39:51 18-35514 ONDA v. USFS - Duration: 33:50. 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. 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. 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U.S. Court of Appeals for the Ninth Circuit: U.S. Commodity Futures Trading Comm’n v. Monex Credit Co., … 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. CFTC v. Monex Credit Co. 18-55815 Decided: July 25, 2019 Before: Siler Findlaw is currently processing this opinion. 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 Commission affirmed two decisions made by Administrative Law Judges ("ALJ"). 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. See CFTC v. Monex Credit Co., 931 F.3d 966 (9th Cir. While the opinion is expressly limited to leveraged retail commodity transactions, the CFTC is likely to … 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. While the CFTC considered whether and how to revise its proposed guidance on the meaning of actual delivery, the U.S. Court of Appeals for the Ninth Circuit heard oral arguments in the appeal of a significant case concerning actual delivery, albeit outside the context of virtual currencies. The petition sought to overturn a July 2019 ruling by the 9th U.S. Docket 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. CourtListener is a project of Free Law Project, a federally-recognized 501(c)(3) non-profit.We rely on donations for our financial security. Case opinion for US 9th Circuit CFTC v. Monex Credit Co.. Read the Court's full decision on FindLaw. Not only is this outcome a victory for the victims of this fraudulent scheme—who were in many cases elderly Americans who lost their life savings—it reinforces the broad anti-fraud authority Congress gave our agency under the Dodd-Frank Act,” said CFTC Chairman Heath P. Tarbert. Under this program a customer opens an account and can take a position in one or more precious metals. Ninth Circuit Rules for CFTC in Fraud Case Against Monex July 29, 2019 By Commodity Futures Trading Commission …. The MONEX Brief The folks over at Monex see things a bit differently. Monex Deposit Company v. Commodity Futures Trading Commission Petition for certiorari denied on June 29, 2020. Commodity Futures Trading Comm’n v. Monex Credit Co., No. United States Court of Appeals for the Ninth Circuit Recommended … You can also use our search box above to quickly search for the page or resource you are looking for. United States Court of Appeals for the Ninth Circuit 13,022 views. Securities, Commodities, Exchange case filed on June 20, 2018 in the U.S. Court of Appeals, Ninth Circuit and on your right you will see useful resources that could help you find your page. 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 … We apologize for the inconvenience. The CFTC’s fence-testing in the Monex case is disquieting, to say the least. 18-55815 (9th Cir. 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. 18-55814 (July 25, 2019) (“9thCircuit Decision”). The Ninth Circuit reversed both rulings. Monex has been a … 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 Ninth Circuit Court of Appeals recently addressed this point in CFTC v. Monex Credit Company , No. The company is now seeking Supreme Court review of the case. While this decision was given in the context of precious metals, it could be relevant to the cryptocurrency industry as well. Monex Deposit Company v. Commodity Futures Trading Commission Petition for certiorari denied on June 29, 2020 Docket No. 12 These allegations are summarized from the Background section of the Ninth Circuit's decision. Cal. Commodity Futures Trading Commission (CFTC) to regulate, and penalize, transactions outside the commodity futures markets. The Commission affirmed two decisions made by Administrative Law Judges (“ALJ”). On June 29, 2020, the US Supreme Court denied certiorari in the long-running Commodity Futures Trading Commission (“CFTC”) action against Monex Credit Company. 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. 13-55374 Bruce Lisker v. City of Los Angeles - Duration: 34:35. 18-55815 (9th … 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. Whether 7 U.S.C. 18-55815 (9th Cir. 18-55815 (9th Cir. 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 . 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 … This case revolves around Monex’ – a precious metal … One ALJ found that Monex violated CFTC Regulation 31.23, 17 C.F.R. sales. On or about May 24, … 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 … The court of appeals denied complainant's application for failure to comply with Ninth Circuit Rule 28-2.3. The Ninth Circuit Court of Appeals recently addressed this point in CFTC v. Monex Credit Company , No. In the meantime, you can access a copy of the opinion here. 18-55815 (9th Cir. On Thursday, July 25, the United States Court of Appeals for the Ninth … 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. 2019). The Ninth Circuit reversed the district court's dismissal of the Commission's enforcement action against Monex for alleged fraud in precious metals sales. However, the 9th Circuit Court of Appeals decision could drastically alter this extension of the Monex lower court ruling. 13 The Ninth Circuit reversed the district court's determination regarding the agency's authority under the antifraud provision of the … Aug. 9, 1996).) The petition was filed with the Supreme Court after the Ninth Circuit Court’s July 2019 decision to overturn a District Court’s Order allowing Monex’s Motion to Dismiss. In their brief to the Ninth Circuit Monex has claimed that “The CFTC’s violence to the fundamental structure of CEA and its history,” … Welcome to the Internet portal of the United States Courts for the Ninth Circuit. --Editing by Peter Rozovsky. The CFTC appealed, and the … 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. 17-1868 (USDC, CDCA, May 1, 2018) on appeal to the 9th Circuit Court of Appeals, Case No. 1:31:36. One ALJ found that Monex violated CFTC Regulation 31.23, 17 C.F.R. 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. The Ninth Circuit Court of Appeals recently addressed this point in CFTC v. Monex Credit Company, No. See According to Monex, DoddFrank extended the - CFTC’s power only to fraubased manipulation claims, so d-stand-alone fraud claims—without allegations of manipulation—fail as a matter of law. 1 This denial will eventually return the case to district court for further proceedings, potentially including a trial on the merits. July 25, 2019), the Ninth Circuit Court of Appeals shed some light on this question. 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. See CFTC v. Monex Credit Co., 931 F.3d 966 (9th Cir. Decided July 25, 2019). [See CFTC Press Release No. N/A N/A N/A: N/A: OT 2019: Issues: (1) Whether 7 U.S.C. Monex International Ltd. 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