Commodity Futures Trading Comm’n v. Wilson, No. 14-2173 (1st Cir. 2016)Annotate this Case
The Commodity Futures Trading Commission (CFTC) filed this commodity trading fraud action against John B. Wilson and JBW Capital LLC, alleging that Defendants were liable under the Commodity Exchange Act for failing to register with the CFTC and for violating two commodity fraud provisions. The CFTC moved for summary judgment requesting a permanent injunction, restitution, and civil monetary penalties. The district court granted the CFTC’s request for a finding of liability and imposed injunctive relief and civil penalties but declined to award restitution. Both sides appealed. The First Circuit affirmed the district court’s grant of summary judgment and the relief it ordered, holding that the district court did not err in (1) finding that Wilson was liable for failure to register as a commodity pool operator; (2) granting summary judgment on the commodity fraud provisions; and (3) concluding that restitution was unavailable.
The court issued a subsequent related opinion or order on February 5, 2016.