New York, NY – The U.S. Commodity Futures Trading Commission (CFTC) has pursued civil charges against Fan Wang, also known as Alex Wang, a Chinese national residing in Short Hills, New Jersey, alleging he willfully submitted false reports related to commodity futures contracts.
According to a complaint filed in the U.S. District Court for the Southern District of New York, Wang, while employed as a clerk and assistant trader at a financial services firm in 2011, knowingly entered false data into the firm’s trading records. The false entries concerned purchases of light sweet crude oil futures contracts made for the firm’s proprietary account.
The CFTC alleges Wang was aware the entries were inaccurate at the time he made them and understood that submitting false reports was illegal. The firm discovered the discrepancies and launched an internal investigation, which ultimately led to the CFTC’s involvement.
This action follows Wang’s prior criminal conviction. On July 24, 2014, he pleaded guilty to one count of making a false report in connection with a commodities transaction, a violation of the Commodity Exchange Act. He was subsequently sentenced on November 19, 2014, to three months in prison, three years of supervised release, and ordered to pay $2.2 million in restitution to his former employer.
Despite the criminal sentencing, the CFTC is continuing its civil litigation against Wang, seeking additional civil monetary penalties, restitution, a permanent ban from trading and registration, and a permanent injunction to prevent future violations of the Commodity Exchange Act. The case is being pursued by CFTC staff members Kassra Goudarzi, Jonah McCarthy, Peter Haas, and Paul Hayeck.
Source: CFTC.gov
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