Brief: CFTC Fines Two Precious Metals Cos Over $1 Million for Fraud

Gold.com

22/09/2022 17:26

Sept 22 (Reuters) - COMMODITY FUTURES TRADING COMMISSION
(CFTC):
    * SAYS ISSUED AN ORDER FILING AND SETTLING CHARGES AGAINST
TWO
CALIFORNIA COMPANIES, GOLDLINE INC AND A-MARK PRECIOUS METALS
INC  AMRK.O  
    * SAYS CHARGES INCLUDE FRAUD IN CONNECTION WITH OFF-EXCHANGE
RETAIL COMMODITY TRANSACTIONS; FAILING TO REGISTER AS A FUTURES
COMMISSION MERCHANT (FCM); AND ENGAGING IN ILLEGAL OFF-EXCHANGE
RETAIL COMMODITY TRANSACTIONS
    * SAYS COMPANIES TO DISGORGE $627,801.78 AND PAY, JOINTLY
AND
SEVERALLY, A $450,000 CIVIL MONETARY PENALTY
    * SAYS TWO COMPANIES TO CEASE AND DESIST FROM FURTHER
VIOLATIONS
OF THE COMMODITY EXCHANGE ACT (CEA) AND CFTC REGULATIONS, AS
CHARGED

 (Reporting by Deep Vakil in Bengaluru)
 ((DeepKaushik.Vakil@thomsonreuters.com;))