The CFTC is a private agency that acts as industry regulators. They file actions against violators and collect money for the following 5 purposes-
- loan payoff
- civil penalties
Restitution and loan payoffs get paid out
The penalties, fines, and sanctions are kept by them. I added up how much of this category of money they collected from Jan , 2013 to May 31, 2013 – a total of 5 months.
TOTAL MONEY COLLECTED FOR FINES $462,907,959.00
THAT’S JUST SHY OF $463 MILLION in 5 months! (can you imagine their pay checks!)
463 million that means they gross over 1 BILLION a year. Operating costs can’t justify this level of GREED.
At the same time- victims are getting shorted in restitution. The shortage is being taken by the CFTC. They often pay themselves equal to the victims-
This isn’t like collecting insurance money from an accident! Its acceptable for the lawyers to keep half because the money is being paid for suffering- it’s not a repayment of money lost. The CFTC is acting like its ok to short people of money that was stolen from them! This isn’t ok.
Over and over cases read like this:
- funds involving at least $22.5 million.
- pay restitution of $11,437,573 to defrauded customers.
- civil monetary penalty of over $11.4 million
Customers lost 22.5 million but get back only half! WHY? Because the CFTC TOOK THE OTHER 11.4 million for themselves! This is just wrong!!!
- accepted more than $4.7 million from retail public customers
- restitution of approximately $3.2 million to defrauded customers
- a $1.5 million civil monetary penalty.
So why do the victims get shorted by 1.5 million ? Why does the CFTC get to take the 1.5 million that would have paid them back in full? This is unjust!
- solicited more than $1.3 million
- pay $1,146,000 in restitution to their defrauded customers
- and a $1,337,000 civil monetary penalty
That means customers were shorted by 154k while the CFTC kept 1.3 million. How is this acceptable? case link (http://www.cftc.gov/PressRoom/PressReleases/pr6690-13)