United States Commodity Futures Trading Commission v. Hunter Wise Commodities, LLC., et. al., Case No. 12-81311-Civ-Middlebrooks, Southern District of Florida.
As a follow up to our recent post concerning the above referenced matter, the Court on February 25, 2013 followed its Order Appointing Special Corporate Monitor of February 22, 2013, by issuing its Order on Plaintiff’s Motion for Preliminary Injunction, which granted the same as more fully referenced in the below link.
Interestingly, the Court provided a brief discussion concerning the jurisdiction of the Commodity Futures Trading Commission (CFTC), with the most recent expansion of that jurisdiction being that contained in Section 742 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which granted the CFTC new authority over certain leveraged, margined, or financed commodity transactions with retail customers, including the authority to prohibit fraud in connection with such transactions in interstate commerce. This decision is extremely important for retail customers purchasing and selling precious metals with the use of leverage.
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