However, the 9th Circuit Court of Appeals decision could drastically alter this extension of the Monex lower court ruling. 2019). --Editing by Peter Rozovsky. 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. The Ninth Circuit decided CFTC v. Monex Credit Company on July 25, 2019. Cal. While this decision was given in the context of precious metals, it could be relevant to the cryptocurrency industry as well. 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. We apologize for the inconvenience. See CFTC v. Monex Credit Co., 931 F.3d 966 (9th Cir. CourtListener is a project of Free Law Project, a federally-recognized 501(c)(3) non-profit.We rely on donations for our financial security. Not only that, Monex … 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 . MSLF filed an amicus curiae brief in February 2020 supporting Monex’s Commodity Futures Trading Comm’n v. Monex Credit Co., No. But what constitutes “actual delivery” remains a question. Securities, Commodities, Exchange case filed on June 20, 2018 in the U.S. Court of Appeals, Ninth Circuit The questions presented are: 1. The panel held that the actual delivery exception to the Commodity Exchange Act (CEA) was an … The company is now seeking Supreme Court review of the case. Case opinion for US 9th Circuit CFTC v. Monex Credit Co.. Read the Court's full decision on FindLaw. Justia Opinion Summary. 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 unbounded antifraud … Ninth Circuit Sides with CFTC on Scope of Anti-Manipulation Authority . 13-55374 Bruce Lisker v. City of Los Angeles - Duration: 34:35. “This is the right result, and it is important for the CFTC’s continuing efforts to protect customers and fight fraud in commodity markets. See CFTC v. Monex Credit Co., 931 F.3d 966 (9th Cir. Decided July 25, 2019). In their brief to the Ninth Circuit Monex has claimed that “The CFTC’s violence to the fundamental structure of CEA and its history,” … U.S. Court of Appeals for the Ninth Circuit: U.S. Commodity Futures Trading Comm’n v. Monex Credit Co., … United States Court of Appeals for the Ninth Circuit Recommended … Circuit Court of Appeals, which revived the CFTC’s 2017 enforcement action. 18-55814 (July 25, 2019) (“9thCircuit Decision”). 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. 2019). 2019). The Monex decision (1) clarifies what constitutes “actual delivery” of a precious metal (i.e., a commodity), and (2) … One ALJ found that Monex violated CFTC Regulation 31.23, 17 C.F.R. Circuit found that the CFTC could enforce Section 4b’s anti-fraud provision against the defendants. 11-17484 State of Arizona v ASARCO LLC - Duration: 1:14:15. 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 … 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. The following footage was recently taken in San Francisco at the US Court of Appeals for the Ninth Circuit. (Monex Int'l, Ltd. v. CFTC, No. 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. 1 This denial will eventually return the case to district court for further proceedings, potentially including a trial on the merits. Since at least 2011 the firm has operated what it calls the Atlas Program. Monex Deposit Company v. Commodity Futures Trading Commission Petition for certiorari denied on June 29, 2020 Docket No. Monex has been a large precious metals … CFTC vs Monex Lawsuit Appeal. Decided July 25, 2019). 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. Since at least 2011 the firm has operated what it calls the Atlas Program. 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 … United States Court of Appeals for the Ninth Circuit Recommended for you 39:51 18-35514 ONDA v. USFS - Duration: 33:50. 18-55815 (9th Cir. 1996).) We look forward to resuming this enforcement action in the district court.”. Docket No. 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. 18-55815 (9th Cir. Op. 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. The Ninth Circuit Court of Appeals recently addressed this point in CFTC v. Monex Credit Company, No. 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 … 2018), reversed, No. The CFTC’s fence-testing in the Monex case is disquieting, to say the least. 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 … 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. 2019) and earlier Court orders. While the opinion is expressly limited to leveraged retail commodity transactions, the CFTC is likely to … Regulation of cryptocurrency, also … En Banc Court 11-10669 USA v. Barry Bonds - Duration: 1:08:18. On or about May 24, … In May 2018, U.S. District Judge James V. Selna sided with Monex and tossed the suit. § 9, the Commodity Exchange Act’s “Prohibition Against Manipulation,” empowers CFTC to punish conduct that does . CFTC’s Precious Metals Customer Fraud Advisory. 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. Ninth Circuit Rules for CFTC in Fraud Case Against Monex July 29, 2019 By Commodity Futures Trading Commission …. CFTC v. Monex, No. and on your right you will see useful resources that could help you find your page. Read the Court's full decision on FindLaw. Please support our … Cryptocurrency exchanges should vigilantly monitor the Appeals Court decision. The 9thCircuit Decision overturned CFTC v. Monex, Case No. 7609-17]. 18-55815 (9th Cir. Whether 7 U.S.C. 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. Monex Credit Co., Case No. Monex Credit Co., Case No. 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). Decided July 25, 2019). 3d 1173, 1177-78 (C.D. This case revolves around Monex’ – a precious metal … Monex Deposit Company v. Commodity Futures Trading Commission Petition for certiorari denied on June 29, 2020. Monex won their case in the district court, but the Ninth Circuit reversed the decision. 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. Monex International Ltd. 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