Fortunately, more than ever before, con artists are being apprehended and prosecuted. Federal, state and local law enforcement officials have reported enormous increases in tips and criminal activity since the economic calamity began in 2008. Cash redemptions are dangerous for Ponzi schemes, because when the money runs out, folks start talking. For example, at any one time, enforcement staff at the U.S. Commodity Futures Trading Commission (CFTC) are investigating anywhere between 750 and 1,000...
Fortunately, more than ever before, con artists are being apprehended and prosecuted. Federal, state and local law enforcement officials have reported enormous increases in tips and criminal activity since the economic calamity began in 2008. Cash redemptions are dangerous for Ponzi schemes, because when the money runs out, folks start talking. For example, at any one time, enforcement staff at the U.S. Commodity Futures Trading Commission (CFTC) are investigating anywhere between 750 and 1,000 individuals or entities for various violations of the law. Increases in tips and fraud cases have also occurred at the U.S. Securities and Exchange Commission (SEC), at the Federal Bureau of Investigation (FBI), in the states, and various localities around the world.
The stories in this book are actual CFTC cases stemming from investigations that began with the economic downturn. These are real cases, real fraudsters, with unfortunately . . . very real victims. While, the fundamental nature of the writing in such files is, as you would imagine, very bureaucratic: this script is anything but bureaucratic.
Commissioner Chilton has worked in public service for over a quarter of a century and has found that one of the most important things that can be done is to make government less puzzling and perplexing, less mysterious, and yes, less bureaucratic. While Commissioner Chilton can’t say there has been any monumental change in how folks see their government, over the years, Commissioner Chilton continues to try and do his part by communicating in a way that lets folks “in” on what is going on. This writing is an effort to continue that work. Commissioner Chilton hopes it will be a satisfying read, but more importantly, maybe some folks will avoid the tremendous tragedy that so many of our fellow citizens have endured.
Bart Chilton was first nominated by President Bush and confirmed as Commissioner by the U.S. Senate in 2007. In 2009, he was re-nominated by President Obama and reconfirmed by the Senate. Chilton has served as the CFTC’s Chairman of the Energy and Environmental Markets Advisory Committee (EEMAC). His career spans 25 years in government service: working on Capitol Hill in the House of Representatives and in the Senate, and serving in the Executive Branch during the Clinton, Bush and Obama Administrations. During that time, he served as a Senior Advisor to U.S. Senator Tom Daschle, the Democratic Leader of the United States Senate, and as the Deputy Chief of Staff to U.S. Secretary of Agriculture Dan Glickman.
Commissioner Chilton has been a vocal consumer advocate and proponent of thoughtful regulatory reform. He has often been a lone voice on the Commission for policies to rein in speculative interests and impose position limits to avoid excessive trading concentration. Many of the issues he fought for over the years became law as part of the Wall Street Reform and Consumer Protection Act signed by President Obama in July of 2010. The Commissioner is a frequent opinion/editorial writer who has been published hundreds of times in national and international publications. He is often quoted in news stories and appears regularly on financial and business television programs in the U.S. and abroad.
Congress created the Commodity Futures Trading Commission (CFTC) in 1974 as an independent agency with the mandate to regulate commodity futures and option markets in the United States.The CFTC's mission is to protect market users and the public from fraud, manipulation, abusive practices and systemic risk related to derivatives that are subject to the Commodity Exchange Act, and to foster open, competitive, and financially sound markets.