factual background below is drawn upon the Ninth Circuit’s decision in CFTC v. 1 Monex Credit Co., 931 F.3d 966 (9th Cir. 94-70330 (9th Cir. Welcome to the Internet portal of the United States Courts for the Ninth Circuit. 1996).) Since at least 2011 the firm has operated what it calls the Atlas Program. 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. 7609-17]. Commodity Futures Trading Comm’n v. Monex Credit Co., No. In the meantime, you can access a copy of the opinion here. 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. However, the 9th Circuit Court of Appeals decision could drastically alter this extension of the Monex lower court ruling. Commodity Futures Trading Commission (CFTC) to regulate, and penalize, transactions outside the commodity futures markets. 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. 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. U.S. Court of Appeals for the Ninth Circuit: U.S. Commodity Futures Trading Comm’n v. Monex Credit Co., … 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. Please support our … Op. Monex has been a … 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. 18-55815 (9 th Cir. 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. See CFTC v. Monex Credit Co., 931 F.3d 966 (9th Cir. In a 3-0 ruling, the court on July … In the Monex case, the CFTC alleged that Monex has two businesses involving precious metals. En Banc Court 11-10669 USA v. Barry Bonds - Duration: 1:08:18. Aug. 9, 1996).) 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. 13 The Ninth Circuit reversed the district court's determination regarding the agency's authority under the antifraud provision of the … United States Court of Appeals for the Ninth Circuit 13,022 views. 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 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. 18-55815 (9th Cir. 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. 18-55815 (9th Cir. The Ninth Circuit reversed both rulings. Under this program a customer opens an account and can take a position in one or more precious metals. 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. Monex appealed, seeking their return and an injunction to prevent the CFTC from using them in any enforcement proceeding. 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. Docket No. 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 … (Monex Int'l, Ltd. v. CFTC, No. Monex Int'l, Ltd. v. CFTC, 83 F.3d 1130 (9th Cir. On Thursday, July 25, the United States Court of Appeals for the Ninth … United States Ninth Circuit. 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The 9th Circuit Decision overturned CFTC v. Monex, Case No. 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. 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. N/A N/A N/A: N/A: OT 2019: Issues: (1) Whether 7 U.S.C. United States Court of Appeals,Ninth Circuit. 13-55374 Bruce Lisker v. City of Los Angeles - Duration: 34:35. Support FLP . 2019). One ALJ found that Monex violated CFTC Regulation 31.23, 17 C.F.R. 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. Monex tells its customers that leveraged precious … Monex has been a large precious metals … 18-55815 (9th … 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 company is now seeking Supreme Court review of the case. 17-1868 (USDC, CDCA, May 1, 2018) on appeal to the 9th Circuit Court of Appeals, Case No. Whether 7 U.S.C. 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 Ninth Circuit Court of Appeals recently addressed this point in CFTC v. Monex Credit Company , No. 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. The 9thCircuit Decision overturned CFTC v. Monex, Case No. The Commission affirmed two decisions made by Administrative Law Judges ("ALJ"). In May 2018, U.S. District Judge James V. Selna sided with Monex and tossed the suit. Read the Court's full decision on FindLaw. The CFTC’s fence-testing in the Monex case is disquieting, to say the least. 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 … 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 … Under this program a customer opens an account and can take a position in one or more precious metals. The MONEX Brief The folks over at Monex see things a bit differently. 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