What is the purpose of the CFTC Reparations program?
To provide an inexpensive, fair way of resolving disputes between customers and trading professionals
Who administers the reparations program?
The CFTC through office of proceedings
Is the CFTC reparation programs the same as NFA arbitration?
No, they’re separate programs
Can the CFTC issue injunctions in its own name?
Yes, without state or federal court action
What violations can trigger action?
Violations of:
-CEA
-CFTC rules
-high standards of comercial honour and just & eauitsbke principles of trade
Who conducts formal proceedings over 30,000?
An administrative law judge (ALJ)
Can the CFTC impose penalties for each violation?
Yes
Can ALJ decisions be appealed?
Yes: To the commission -> then to the UC court of appeals
Where are criminal matters referred?
US district court
What are potential felony penalties
Fine up to 1 million
Up to 10 years prison
Both
Can CFTC impose prison sentences
No, requires action from DOJ
How long does a customer have to file a complaint?
Within 2 year of:
-the violation. OR
-when the customer should have known about it
Does the CFTC represent customers in reparations cases?
No
How may customers be represented?
Represent them selves (pro se)
Or hire legal counsel
