New York, NY – The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against John Moore, majority owner and sole principal of Florida-based eFloorTrade, LLC, alleging significant recordkeeping and supervision failures. The complaint, filed in the U.S. District Court for the Southern District of New York on September 27, 2016, also accuses Moore of providing false testimony under oath to the CFTC.
According to the CFTC, from October 2010 through at least October 2015, eFloorTrade, registered as an Introducing Broker, failed to maintain and produce complete records of all transactions related to its commodity interest dealings. Specifically, the firm did not preserve electronic trading instructions received for clients using third-party trading systems, nor did it document customer orders resulting from those instructions. Crucially, the firm also allegedly failed to retain all business-related emails.
The CFTC alleges that Moore and eFloorTrade failed to adequately supervise the handling of customer accounts, lacking sufficient policies and procedures to ensure proper recordkeeping and manage customer margin deficiencies. This lack of oversight, the agency claims, directly contributed to the recordkeeping violations of the Commodity Exchange Act (CEA) and CFTC Regulations.
The complaint further details that Moore knowingly made false statements during sworn testimony on September 18, 2015. Moore allegedly claimed the existence of spreadsheets documenting trades executed for customers using third-party systems, records which he knew, or should have known, did not exist. eFloorTrade, through legal counsel, later admitted to the absence of these records.
The CFTC is seeking disgorgement of ill-gotten gains, civil monetary penalties, trading and registration bans, and permanent injunctions to prevent further violations of the CEA and CFTC regulations. The case is being pursued by CFTC staff members Karin N. Roth, Christopher Giglio, Alejandra de Urioste, Steven I. Ringer, Lenel Hickson, Jr., and Manal Sultan.
Source: CFTC.gov
Related Federal Cases
- John F. Rivers, Car Theft Scheme, New York, 2023 · Florida
- Alton Plunkett, Tax Fraud, New York NY, 2023 · Florida
- Marc Henry Menard, Investment Fraud Scheme, New York, 2023 · Pennsylvania
- Letitia James, Citibank Fraud Lawsuit, New York NY, 2023 · Florida
- Plunkett Sentenced to 5 Years for Tax Fraud, New York NY, 2023 · Florida
