WASHINGTON D.C. – Davis Ramsey, a Florida-based futures trader, has been charged with market manipulation by the Commodity Futures Trading Commission (CFTC), officials announced today, September 27, 2018. The CFTC alleges Ramsey engaged in a manipulative scheme designed to influence the prices of futures contracts traded on the Chicago Mercantile Exchange (CME) and Commodity Exchange (COMEX).
According to the CFTC, Ramsey’s actions were intended to impact the outcome of related binary contracts traded on the North American Derivatives Exchange (Nadex). The agency claims Ramsey strategically manipulated prices on the CME and COMEX to benefit his positions on Nadex.
The order filed by the CFTC requires Ramsey to pay a $325,000 civil monetary penalty. He must also disgorge $250,636.25, representing profits gained through the alleged manipulative practices. Furthermore, Ramsey is subject to a five-year trading ban from the date of the order and a permanent ban from trading on Nadex.
This action is part of a larger series of enforcement actions announced by the CFTC today, targeting individuals and entities involved in fraudulent binary options solicitations and market manipulation. The CFTC alleges that a nationwide ring defrauded hundreds of millions of prospective customers, with approximately 100,000 opening accounts and depositing at least $25 million.
The case against Ramsey was filed in Florida and highlights the CFTC’s ongoing commitment to policing the derivatives markets and protecting investors from fraudulent and manipulative behavior.
Source: CFTC.gov
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