On September 7, the U.S. Commodity Futures Trading Commission (CFTC) issued a Notice of Covered Action (NCA) for an enforcement action taken against a New Jersey resident and his company. On September 2, the agency announced that a Federal Court had ordered Swapnil Rege and SwapStar Capital LLC to pay over $5 million to settle charges of fraudulent solicitation, misappropriation, and violation of trading prohibition.
The NCA signals that the CFTC is now accepting whistleblower award applications for the case. Through the CFTC Whistleblower Program, qualified whistleblowers, individuals who voluntarily provide the agency with original information that leads to a successful enforcement action, are entitled to monetary awards of 10-30% of funds recovered by the CFTC.
The CFTC alleges that Rege and SwapStar engaged in fraudulent solicitation and misappropriation and Rege violated a prior CFTC consent order that barred him from commodity trading. According to the CFTC, Rege and Swapstar “fraudulently solicited individuals to lend or invest money based on material misrepresentations, including: that such funds would be invested; that lenders and investors would receive a fixed return, in some cases as high as 40% to 60%; and that account holders could redeem their funds immediately or on short notice.”
The CFTC also claims that Rege and Swapstar used a portion of the solicited funds to trade commodity interests in violation of the previous CFTC consent order barring Rege from...
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