FINRA publishes Notices to provide firms with timely information on a variety of issues. To obtain a Notice published prior to 1995, please contact FINRA MediaSource at (240) 386-4200.
Broker DealerAsset Manager
FINRA publishes Notices to provide firms with timely information on a variety of issues. To obtain a Notice published prior to 1995, please contact FINRA MediaSource at (240) 386-4200.
Broker DealerBankAsset Manager
The Securities and Exchange Commission’s Division of Economic and Risk Analysis (DERA) published a new report on security based swap dealers (SBSDs) and updated statistics and data visualizations on initial public offerings (IPOs), follow-on registered…
Broker DealerAsset Manager
FINRA publishes Notices to provide firms with timely information on a variety of issues. To obtain a Notice published prior to 1995, please contact FINRA MediaSource at (240) 386-4200.
Broker DealerAsset ManagerAll Firms
The Securities and Exchange Commission today announced that Judge Margaret A. Ryan has resigned from her role as Director of the Division of Enforcement. Principal Deputy Director Sam Waldon has been named Acting Director of the Division, effective March…
Judge Margaret A. Ryan, who assumed the role of SEC Enforcement Division Director in August 2025 and signaled a significant recalibration of enforcement priorities toward fraud and market integrity while reducing enforcement actions for technical violations, has resigned from the agency. Principal Deputy Director Sam Waldon has been named Acting Director, creating immediate uncertainty regarding continuity of the enforcement approach that was just articulated in February 2026 and may signal a shift in the SEC's enforcement trajectory going forward.
What Changed
The resignation itself does not constitute a regulatory change, but it creates operational uncertainty regarding the enforcement priorities and procedural reforms that Director Ryan had recently implemented:
*Previously Announced Priorities (Now in Question):
Reduced enforcement for technical violations: Director Ryan had signaled that routine violations concerning reporting requirements, recordkeeping, and internal accounting controls should not necessarily result in enforcement actions.
"Middle ground" approach: For non-fraud violations posing investor or market integrity risks, the...
What You Need To Do
- *Immediate (Next 30 Days)
- *Monitor Acting Director's statements
- *Assess Wells submissions in progress
- *Review investigation status
- *Update compliance calendars
Key Dates
February 11, 2026 - Director Ryan delivered public remarks outlining enforcement priorities and Wells process commitments
February 24, 2026 - SEC announced comprehensive updates to Enforcement Manual (first update since 2017)
March 17, 2026 - Judge Margaret A. Ryan's resignation announced; Sam Waldon named Acting Director (effective immediately)
Ongoing - Four-week timeline for post-Wells meetings with senior leadership remains in effect pending Acting Director's confirmation of policy continuity
Compliance Impact
Urgency: HIGH
Broker DealerAsset ManagerBank No description available.
The CFTC secured a default judgment on March 13, 2026, against New York-based Safety Capital Management Inc. and GNS Capital Inc. (d/b/a ForexnPower) for retail forex fraud, fraud as commodity pool operators (CPOs) and commodity trading advisors (CTAs), and related violations of the Commodity Exchange Act (CEA), ordering over $2.4 million in restitution and penalties. This enforcement action underscores the CFTC's aggressive pursuit of fraud targeting vulnerable retail investors, with permanent injunctions against future violations, serving as a stark reminder for firms in forex, CPO, and CTA spaces to prioritize robust compliance programs.
What Changed
This is an enforcement action, not a rulemaking, so there are no new regulatory changes or requirements. It reaffirms existing CEA prohibitions on fraud in retail forex transactions (CEA Section 6(c)(1) and Regulation 180.1), CPO/CTA fraud, and related violations, with penalties triple the monetary gain and permanent injunctions. The judgment highlights judicial emphasis on exploiting vulnerable communities, such as non-English-speaking groups reliant on advisors.
What You Need To Do
- Conduct gap analyses of retail forex, CPO, and CTA operations for fraud risks, especially in customer communications and targeting vulnerable groups
- Enhance disclosures, suitability assessments, and recordkeeping to demonstrate non-reliance exploitation
- Review parallel criminal risks (e
- Implement training on CEA Sections 4k, 4m, 4n, and Regulations 5
- Monitor for restitution collection, noting CFTC caution on defendant insolvency
Key Dates
September 25, 2015 - CFTC files original complaint against defendants.
April 11, 2018 - Parallel criminal case filed (United States v. Kang, et al., No. 18-cr-184, E.D.N.Y.).
August 31, 2022 - Consent order resolves claims against Tae Hung Kang.
September 19, 2024 - Summary judgment resolves claims against John H. Won.
March 13, 2026 - U.S. District Court for the Eastern District of New York enters default judgment against Safety Capital and GNS, ordering payments and injunctions.
Compliance Impact
Urgency: Medium - This resolves a decade-long case but reinforces CFTC's fraud enforcement focus, particularly on retail forex and vulnerable investors; firms should audit operations promptly to avoid similar defaults, as penalties (triple gains) and injunctions are severe, though not indicative of imminent rulemaking.
Asset ManagerBroker Dealer
FINRA publishes Notices to provide firms with timely information on a variety of issues. To obtain a Notice published prior to 1995, please contact FINRA MediaSource at (240) 386-4200.
Broker DealerAsset Manager
The Securities and Exchange Commission’s Investor Advisory Committee will hold a public meeting at the SEC Headquarters in Washington D.C. on March 12 at 10 a.m. ET to discuss public company disclosure reform, fund proxy voting, and a potential…
Asset ManagerBroker DealerWealth Manager
Regulatory Notice 26-05
Broker DealerWealth ManagerBank
FINRA publishes Notices to provide firms with timely information on a variety of issues. To obtain a Notice published prior to 1995, please contact FINRA MediaSource at (240) 386-4200.
Broker DealerWealth ManagerBank The U.S. Securities and Exchange Commission (SEC) and the Financial Services Agency of Japan (FSA) convened the Spring SEC-FSA Financial Regulatory Dialogue in Tokyo on Feb. 27, 2026.The SEC–FSA Dialogue builds upon longstanding efforts between the two…
BankAsset ManagerBroker Dealer
No description available.
Asset ManagerHedge Fund
The Securities and Exchange Commission today announced it will hold a roundtable on March 4 to discuss private market valuations and responsible retailization.The roundtable will be hosted by the Division of Investment Management from 1 p.m. to 3 p.m. ET…
Asset ManagerBroker DealerFintech The Securities and Exchange Commission’s Division of Enforcement today announced significant updates to its Enforcement Manual. These updates underscore the Commission’s ongoing commitment to fairness, transparency, and efficiency in the investigations…
The SEC's Division of Enforcement announced updates to its Enforcement Manual on February 24, 2026, focusing on enhancing fairness, transparency, and efficiency in investigations through standardized procedures like the Wells process and settlement considerations. These changes, the first major revisions since 2017, introduce uniform timelines and best practices to streamline resolutions and improve dialogue with investigated parties. Compliance professionals should prioritize this as it directly affects how firms respond to SEC inquiries, potentially accelerating outcomes and reducing uncertainties in enforcement actions.
What Changed
The updates target investigative and enforcement procedures for greater consistency:
Uniform Wells process: Recipients of a Wells notice receive four weeks to submit responses; Wells meetings are scheduled within four weeks of submission and include senior Division leadership. Guidance is provided on effective submissions to foster dialogue and timely resolutions.
Simultaneous settlement and waiver consideration: Restores practice allowing settling parties to request Commission waivers from collateral consequences (e.g., disqualifications) alongside settlement offers, improving transparency...
What You Need To Do
- Review the updated Enforcement Manual (https
- Update internal policies for responding to Wells notices: Prepare submissions within four weeks, focusing on elements staff find "most helpful" (e
- For settlements, incorporate simultaneous waiver requests in offers to leverage restored process and mitigate collateral impacts
- Enhance cooperation strategies per new evaluation framework to potentially reduce civil penalties; document internal collaboration for enforcement interactions
- Monitor annual Manual reviews via SEC Division of Enforcement page (https://www
Key Dates
February 24, 2026 - Updates to Enforcement Manual announced and effective; last major revision was 2017, with annual reviews planned going forward.
Four weeks from Wells notice receipt - Standard deadline for Wells submissions. DEADLINE
Four weeks from Wells submission receipt - Scheduling of Wells meetings with senior leadership.
Compliance Impact
Urgency: High - These procedural updates are immediately effective and alter critical interaction points with SEC staff, such as Wells responses and settlements, which can determine investigation closure, enforcement recommendations, or penalty severity. Firms under active scrutiny or anticipating inquiries gain from predictable timelines reducing prolonged uncertainty, but must adapt quickly to avoid suboptimal outcomes; non-compliance risks inefficient resolutions or missed cooperation credits.
Asset ManagerBroker DealerHedge Fund FINRA publishes Notices to provide firms with timely information on a variety of issues. To obtain a Notice published prior to 1995, please contact FINRA MediaSource at (240) 386-4200.
Broker DealerAll Firms
No description available.
Asset ManagerBroker DealerWealth Manager
The Securities and Exchange Commission will host the agency’s 45th Annual Government Business Forum on Small Business Capital Formation at SEC headquarters in Washington, D.C., on March 9 from 1 p.m. to 5 p.m. ET. The event will be webcast live. …
Asset ManagerBroker DealerFintech
No description available.
BankFintechCrypto Exchange FINRA publishes Notices to provide firms with timely information on a variety of issues. To obtain a Notice published prior to 1995, please contact FINRA MediaSource at (240) 386-4200.
Broker DealerWealth ManagerBank
The Securities and Exchange Commission’s Division of Economic and Risk Analysis (DERA) has published two new reports on exchange traded funds and fund mergers, and updated statistics and data visualizations on municipal advisors, transfer agents, and…
Asset ManagerBroker Dealer
No description available.
BankBroker DealerHedge Fund
The Securities and Exchange Commission today announced the appointment of Demetrios (Jim) Logothetis, as Chairman, and Mark Calabria, Kyle Hauptman, and Steven Laughton, as Board members, of the Public Company Accounting Oversight Board (PCAOB). George…
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Equity-Indexed Annuities
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Engagement
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Enforcement Process
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Enforcement
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Electronic Fingerprint Processing
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Electronic Communications
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Direct Participation Programs (DPPs)
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Digital Experience Transformation (DXT)
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Derivatives and Other Balance Sheet Items (OBS)
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Derivatives
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Department of Labor
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Deferred Annuities
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Day Trading
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Cybersecurity
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Customer Orders
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Customer Information Protection
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Customer Account Transfers
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Customer Account Statements
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Crypto Assets
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Credit for Cooperation
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COVID-19 / Coronavirus
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Correspondence
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Corporate Financing
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Continuing Education
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Conflicts of Interest
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Comprehensive Automated Risk Data System (CARDS)
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Compensation
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Communications with the Public
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Certificates of Deposit (CDs)
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Central Registration Depository (CRD)
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Cash Equivalents
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Carrying Agreements
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Capital Acquisition Brokers
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Business Continuity Planning
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BrokerCheck
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Broker-Dealer Recruitment Disclosures
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Breakpoints
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Branch Offices
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Books and Records
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Bond Mutual Fund Volatility/Risk Rating
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Blue Sheets
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Best Practices
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Best Execution
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Auction Rate Securities
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Asset Backed Securities
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Artificial Intelligence
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Annual Audit
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Alternative Display Facility (ADF)
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Alternative and Complex Products
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Algorithmic Trading
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Advertising Regulation
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529 Savings Plans
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Regulatory Notice 25-01
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Regulatory Notice 25-02
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Regulatory Notice 25-03
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Regulatory Notice 25-04
Broker DealerWealth ManagerFintech Regulatory Notice 25-05
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Regulatory Notice 25-06
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Regulatory Notice 25-07
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Special Notice – 5/15/25
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Regulatory Notice 25-08
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Regulatory Notice 25-09
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Election Notice – 9/4/25
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Regulatory Notice 25-10
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Regulatory Notice 25-11
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Regulatory Notice 25-13
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Election Notice – 10/20/25
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Information Notice - 10/21/25
FINRA's Information Notice dated October 21, 2025, reminds member firms of NSCC's amendment to Rule 50, effective October 17, 2025, which removes the "Settle Prep Day" from the ACATS process, shortening full customer account transfers to 3-4 business days. This matters because it aligns with FINRA Rule 11870's requirements to expedite transfers, enhances operational efficiency, reduces risk, and improves client experience amid broader industry shifts like T+1 settlement.[original notice]
What Changed
Removal of Settle Prep Day: NSCC Rule 50 amended to eliminate the settlement preparation stage from ACATS, effective October 17, 2025, streamlining the process for all securities transfers.[original notice]
Mutual Fund/Options Synchronization: Eliminates the extra day for processing mutual funds and options via Fund/SERV, aligning their settlement with other assets; also removes the second day of Fund/SERV pending acknowledgment.[original notice]
Overall Timeline Reduction: Full ACATS transfers now complete in 3-4 business days (previously longer), supporting faster asset access without...
What You Need To Do
- Operational Readiness
- Exception Handling
- System Updates
- Contact FINRA/NSCC
Key Dates
September 5, 2025 - SEC approves NSCC's proposed rule change (File No. SR-NSCC-2025-011) amending Rule 50.[original notice]
September 10, 2025 - Federal Register publication of SEC approval (90 FR 43709).[original notice]
October 17, 2025 - Effective date: Removal of Settle Prep Day and Fund/SERV changes; firms must support next-day settling assets.[original notice] DEADLINE
October 2026 - Planned modernization of ACATS client interfaces (decommission of legacy formats; migration to JSON/MQ for enhanced messaging).
Compliance Impact
Urgency: Medium - Effective over three months ago (as of January 2026), with industry-wide accommodation confirmed; no new mandates but requires ongoing operational alignment to avoid Rule 11870 violations (e.g., delays in validation or exceptions). Matters for reducing transfer failures, enhancing efficiency post-T+1, and minimizing client complaints on account mobility; non-compliance risks FINRA scrutiny on customer protection.[original notice]
Broker DealerWealth ManagerAll Firms
Regulatory Notice 25-14
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Regulatory Notice 25-16
Asset ManagerBroker DealerWealth Manager Regulatory Notice 25-17
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Regulatory Notice 25-18
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Regulatory Notice 25-19
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Regulatory Notice 26-01
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Regulatory Notice 26-02
Broker DealerWealth ManagerBank The Securities and Exchange Commission is seeking candidates for appointment as members of the SEC’s Investor Advisory Committee, established pursuant to Section 39 of the Securities Exchange Act of 1934 to help protect investors and improve securities…
Asset ManagerBroker DealerWealth Manager
The Securities and Exchange Commission is seeking candidates to fill a limited number of vacancies on the agency’s Small Business Capital Formation Advisory Committee, which provides advice and recommendations to the Commission on rules, regulations, and…
Broker DealerAsset ManagerAll Firms
The Securities and Exchange Commission today announced that Keith E. Cassidy has been appointed Director of the Division of Examinations. Mr. Cassidy has served as Acting Director since May 2024 and previously was the division’s Deputy Director, Acting…
BankBroker DealerAsset Manager No description available.
The CFTC announced three major enforcement actions on January 16, 2026, resolving cases involving **market manipulation (spoofing), misappropriation of confidential information, and unregistered commodity pool operations**. These cases demonstrate the CFTC's continued enforcement focus on fraudulent trading practices and registration violations, with combined penalties exceeding $685,000 and criminal sentences totaling over six years in prison.
What Changed
The enforcement actions establish precedent in three critical areas:
*Market Manipulation (Spoofing): The CFTC secured consent orders against precious metals futures traders for spoofing—placing and canceling orders to create false market impressions. The orders impose three-year and six-month trading bans** and require cease-and-desist compliance with the Commodity Exchange Act's spoofing prohibition.
*Misappropriation and Fictitious Trading: The CFTC obtained permanent injunctive relief requiring disgorgement of unlawful gains ($135,788) plus civil penalties ($200,000), with 18-month...
What You Need To Do
- *For Registered Futures Firms and Banks
- trade and post-trade compliance controls
- *For Commodity Pool Operators and Investment Advisors:
- by-jurisdiction licensing analyses before soliciting investors
- *For All Market Participants
Key Dates
September 2019 - CFTC enforcement action filed against Smith and Nowak
December 2021 - CFTC complaint filed against Miller and Omerta Capital; DOJ criminal charges filed
December 2022 - CFTC complaint amended against Miller and Omerta Capital
August 2023 - Smith and Nowak sentenced to prison (criminal case)
June 2024 - Miller sentenced to prison (criminal case)
Compliance Impact
Urgency: HIGH
The CFTC has announced enforcement updates, including civil monetary penalties and trading bans for spoofing in precious metals futures markets and misappropriating confidential information. These updates highlight the importance of compliance with CFTC regulations. Firms must ensure they are registered and comply with anti-spoofing and anti-fraud regulations.
What Changed
The CFTC has obtained federal court orders imposing civil monetary penalties and trading bans on individuals and firms for spoofing and misappropriating confidential information. The CFTC has also charged an unregistered commodity pool operator with fraud and registration violations.
What You Need To Do
- Verify registration with the CFTC at NFA BASIC before committing funds
- Review and update anti-spoofing and anti-fraud policies and procedures
- Ensure compliance with CFTC regulations regarding commodity pool operations and futures market participation
Key Dates
1 Sept 2021 CFTC enforcement action filed against Gregg Smith and Michael Nowak
10 Dec 2021 Department of Justice charged Peter Miller with conspiracy to commit commodities fraud
1 Jun 2024 Peter Miller sentenced to five months in prison and five months of home confinement
10 Dec 2024 Department of Justice charged Travis Ford with conspiracy to commit wire fraud
Non-Compliance Risk
Enforcement action, fines, trading bans, and registration revocation
Related Regulations
Commodity Exchange ActCFTC regulations
Confidence: high
Broker DealerAsset ManagerCrypto Exchange The Securities and Exchange Commission today announced that J. Russell “Rusty” McGranahan has been named SEC General Counsel. As the SEC’s chief legal officer, Mr. McGranahan will oversee the provision of legal expertise and advice to the Office of the…
BankAsset ManagerBroker Dealer
The Securities and Exchange Commission today announced that Paul H. Tzur and David M. Morrell have been named as Deputy Directors of the Division of Enforcement. Mr. Tzur joined the Commission on January 6, 2026, as the Deputy Director overseeing the…
The SEC announced on January 12, 2026, the appointment of Paul H. Tzur and David M. Morrell as Deputy Directors of the Division of Enforcement, with Tzur joining on January 6, 2026, to oversee key operations. This personnel change is part of a broader reorganization replacing Regional Directors with Deputy Directors for more centralized oversight of investigations. It matters for compliance teams as it signals greater consistency in enforcement approaches, potentially affecting investigation timelines, Wells process strategies, and settlement negotiations across SEC-regulated entities.
What Changed
This announcement reflects structural reforms rather than new substantive regulations:
Replacement of Regional Directors with Deputy Directors, centralizing reporting from local offices (e.g., Boston, Fort Worth, Atlanta) and specialized units directly to headquarters-led Deputy Directors.
Enhanced supervision of enforcement decisions, aiming for consistency and reduced regional variations in handling investigations.
Complements parallel Wells process reforms under Chairman Paul Atkins, including a baseline four-week response period, greater access to evidence, and senior-level meetings for...
What You Need To Do
- Review and update internal protocols for SEC investigations to align with centralized reporting structures, anticipating uniform standards across regions
- Train legal/compliance staff on refined Wells process (e
- Monitor upcoming SEC communications for Enforcement Director Judge Margaret Ryan's guidance on fraud-focused priorities
- Assess current or potential matters for earlier engagement with Deputy Directors on case theories and resolutions
Key Dates
January 6, 2026 - Paul H. Tzur joins SEC as Deputy Director of the Division of Enforcement.[User Query]
January 12, 2026 - SEC announces appointments of Paul Tzur and David Morrell as Deputy Directors.[User Query]
Compliance Impact
Urgency: Medium. This matters due to its role in ongoing SEC transition under Chairman Atkins and Director Ryan, promising more predictable enforcement but requiring adaptation to centralized decision-making and Wells enhancements. While not imposing immediate obligations, it could accelerate case resolutions and shift settlement dynamics, especially amid 2025's enforcement slowdown from staffing cuts (15-20% headcount reduction). Firms with active investigations should prioritize strategic adjustments now.
Asset ManagerBroker DealerHedge Fund The Securities and Exchange Commission today announced it will hold its third and final outreach event to help firms comply with amendments to Regulation S-P. The event, which is focused on small firms, is open to in-person or virtual attendance, and is…
Asset ManagerBroker DealerWealth Manager The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation today published and delivered to Congress its 2025 staff report that serves as a comprehensive and data-rich resource on capital-raising dynamics…
Asset ManagerBroker DealerWealth Manager The Securities and Exchange Commission today proposed amendments to the rules that define which registered investment companies, investment advisers, and business development companies qualify as small entities for purposes of the Regulatory Flexibility…
The SEC proposed amendments on January 7, 2026, to expand the definitions of "small entities" under the Regulatory Flexibility Act (RFA) for registered investment advisers (RIAs), investment companies, and business development companies by significantly raising asset thresholds last updated in 1998. This would increase the number of qualifying small entities, enabling the SEC to better assess regulatory impacts and potentially provide tailored relief like extended compliance timelines during rulemaking. It matters because it could indirectly reduce compliance burdens for mid-sized firms by influencing future SEC rules to minimize disproportionate effects on smaller players.
What Changed
Raise the RAUM threshold for RIAs to qualify as small entities from $25 million to $1 billion, with conforming changes for control affiliates.
Increase the net asset threshold for investment companies from $50 million to $10 billion.
Update aggregation of related funds from "group of related investment companies" to "family of investment companies" as defined in Form N-CEN for easier identification.
Introduce inflation adjustments to thresholds every 10 years via SEC order, without formal rulemaking.
Make corresponding amendments to Form ADV and rules on continuing hardship exemptions for...
What You Need To Do
- Submit public comments by the deadline to influence thresholds, alternatives (e
- Monitor Federal Register for exact publication and comment instructions; review proposed rule and fact sheet on SEC site (https://www
- Assess internal status
- No immediate compliance changes, as this affects SEC rulemaking process only; prepare for potential indirect impacts via future rules
Key Dates
January 7, 2026 - SEC issues proposal and press release.
60 days after Federal Register publication - Public comment period closes (publication expected shortly after January 7; exact date TBD, likely March 2026 based on estimates).
No stated adoption date - Typically at least one year post-comment period under normal processes.
Every 10 years post-adoption - Inflation adjustments to thresholds via SEC order.
Compliance Impact
Urgency: Medium. This proposal does not impose direct new requirements or alter existing obligations—it's procedural for SEC's RFA analyses during rulemaking. However, adoption could lead to meaningful indirect benefits for mid-sized RIAs and funds, such as longer compliance phases or reduced burdens in rules on reporting, recordkeeping, or vendor reliance, addressing outdated 1998 thresholds amid industry AUM growth. Firms should engage now via comments to shape outcomes, but no urgent operational changes needed.
Asset Manager
The Securities and Exchange Commission today announced that Cicely LaMothe, Deputy Director of the Division of Corporation Finance, has retired from the agency.“Cicely has gone above and beyond the call of duty over the past twenty-four years to serve…
Asset ManagerBroker DealerWealth Manager
The Securities and Exchange Commission today filed charges against purported crypto asset trading platforms Morocoin Tech Corp., Berge Blockchain Technology Co. Ltd., and Cirkor Inc. and investment clubs AI Wealth Inc., Lane Wealth Inc., AI Investment…
Crypto ExchangeBroker DealerAsset Manager
No description available.
Asset ManagerBroker Dealer
The Securities and Exchange Commission today announced that financial economist and academic scholar Dr. Joshua T. White will return to the agency beginning the week of Jan. 5, 2026, to serve as its Chief Economist and Director of the Division of…
Asset ManagerBroker DealerBank
The Securities and Exchange Commission’s Office of the Investor Advocate today delivered its Report on Activities for the Fiscal Year 2025 to Congress, highlighting the initiatives and work of the office during the fiscal year.The report includes:An…
Asset ManagerBroker DealerCrypto Exchange Election Notice - 12/16/2025
Broker DealerAsset Manager
No description available.
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The Securities and Exchange Commission today announced that Lori J. Schock, who has served as the Director of the Office of Investor Education and Assistance (OIEA) since 2009, will retire from the agency at the end of December.“I have known Lori for…
Asset ManagerBroker DealerWealth Manager
The Securities and Exchange Commission’s Crypto Task Force has announced the agenda and panelists for its rescheduled Roundtable on Financial Surveillance and Privacy.“New technologies give us a fresh opportunity to recalibrate financial surveillance…
BankBroker DealerCrypto Exchange The Securities and Exchange Commission today announced it will hold the second in its series of compliance outreach events regarding the 2024 adoption of amendments to Regulation S-P. The event, for transfer agents, is a webinar scheduled for December 17…
Broker DealerAsset Manager
The Securities and Exchange Commission today announced that Cristina Martin Firvida, who has served as the Director of the Office of the Investor Advocate since January 2023, will conclude her tenure with the agency at the end of January 2026. As…
Asset ManagerWealth ManagerBroker Dealer
No description available.
The CFTC filed a civil enforcement action on November 21, 2025, against Brian Mitchell, Kevin Mack Jr., and their unregistered entity Young Pros Investment Group LLC (YPIG) for fraudulently soliciting ~$1 million from 33 pool participants to trade commodity futures, using misrepresentations, Ponzi payments, false statements, and registration violations, including Mitchell's breach of a prior 2021 CFTC order. This case underscores the CFTC's aggressive enforcement against unregistered commodity pools and fraud, seeking restitution, disgorgement, penalties, trading bans, and injunctions under the Commodity Exchange Act (CEA). Compliance teams must prioritize registration checks and fraud prevention to avoid similar actions, as it highlights personal liability for controlling persons.
What Changed
This is an enforcement action, not a rulemaking, so there are no new regulatory changes or requirements. It reinforces longstanding CEA and CFTC rules on:
Mandatory registration as a Commodity Pool Operator (CPO) and Associated Persons (APs) for pools trading commodity futures (CFTC Regulation 4.13 exemptions do not apply here due to fraud and public solicitation).
Prohibitions on fraud, misrepresentations, guarantees of profit, non-disclosure of risks, commingling funds, and operating pools as non-separate entities (CEA Section 4o, Regulations 4.20, 4.21).
Compliance with prior CFTC orders...
What You Need To Do
- Verify registration
- Implement controls
- Conduct due diligence
- Train staff
- For SEC-registered advisers
Key Dates
2025 .
November 21, 2025 - CFTC files complaint in U.S. District Court for the Eastern District of Michigan.
~December 2020 - May 2022 - Alleged fraudulent solicitation and trading period.
2021 - Prior CFTC administrative order against Mitchell (Press Release 8427-21) prohibiting trading and registration activities for three years.
Compliance Impact
Urgency: High - This action signals intensified CFTC scrutiny on unregistered pools amid rising crypto/futures fraud (e.g., similar January 2026 case against Wolf Capital). It matters because penalties include personal bans, multimillion restitution/disgorgement, and whistleblower awards (10-30% of sanctions), amplifying financial/reputational risk; non-registration alone triggered charges alongside fraud. Firms with commodity exposure must audit operations immediately to preempt enforcement.
Hedge FundAsset ManagerAll Firms
The CFTC today announced the U.S. District Court for the Central District of California entered a final judgement against Safeguard Metals LLC and Jeffrey Ikahn (aka Jeffrey Santulan and Jeffrey Hill) ordering them to pay $25.6 million in restitution to victims and a $25.6 million civil monetary penalty for operating a nationwide, precious metals fraud. Released: 11/20/2025
The CFTC, alongside 30 state regulators, secured a final judgment on November 20, 2025, against Safeguard Metals LLC and Jeffrey Ikahn, imposing $25.6 million in restitution to victims and a $25.6 million civil monetary penalty for a nationwide precious metals fraud scheme from October 2017 to July 2021 that defrauded over 450 elderly investors of more than $52 million. This enforcement action, resolving a February 2022 complaint, highlights coordinated federal-state-SEC efforts to combat commodity fraud and underscores personal liability for controlling persons under CEA Section 6(c)(1) and Regulation 180.1(a). It matters for compliance as it reinforces aggressive penalties for misrepresentations, overcharges, and targeting vulnerable populations, with offsets across parallel SEC proceedings.
What Changed
This is an enforcement action, not a rulemaking, so there are no new regulatory changes or requirements. It reaffirms existing CEA prohibitions on fraud, including Section 6(c)(1), 7 U.S.C. § 9(1), and 17 C.F.R. § 180.1(a)(1)-(3), covering material misrepresentations, omissions, and deceptive schemes in precious metals sales.
What You Need To Do
- Conduct immediate fraud risk assessments on precious metals sales scripts, disclosures, and pricing markups to ensure no material misrepresentations or undisclosed overcharges
- Enhance senior investor protections, including suitability reviews, cooling-off periods, and training on vulnerable customer targeting bans
- Review controlling person policies for good faith oversight, documenting supervisory failures to avoid personal liability
- Audit parallel SEC/CFTC exposures in commodity-linked activities, preparing for offset calculations in multi-agency actions
- Update compliance manuals with this case as precedent for CEA fraud in physical commodities; monitor whistleblower notices for internal reporting incentives
Key Dates
February 1, 2022 - CFTC and states file initial complaint alleging fraud scheme.
May 5, 2022 - Plaintiffs file First Amended Complaint.
September 6, 2023 - Second Amended Complaint filed.
May 2, 2025 - Court enters SEC remedies judgment ($25.6M disgorgement/penalty, with offsets).
September 30, 2025 - Court issues Statement of Decision granting restitution ($25.6M) and civil penalty ($25.6M).
Compliance Impact
Urgency: Medium - This resolved enforcement sets precedent for precious metals fraud penalties but imposes no new rules or immediate deadlines beyond whistleblower claims (March 9, 2026). It matters due to escalating CFTC-state coordination, personal liability risks, and focus on elder fraud amid rising retail commodity scams; firms in metals or alternatives face audit risks if sales practices mirror the scheme (e.g., overcharges, false safety claims).
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The Securities and Exchange Commission’s Division of Examinations today released its 2026 examination priorities. The Division publishes its annual examination priorities to provide transparency to registrants and investors about the topics that the…
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Election Notice - 1/10/2025
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The Securities and Exchange Commission today announced that Ken Johnson, who has been serving as Chief Operating Officer (COO) since December 2017, will retire from the agency in December. “Ken has been an integral leader at the SEC for more than two…
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Election Notice - 7/18/2025
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Election Notice - 5/15/2025
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