CFTC Loses Calif. Suit Against Monex Metals Broker

By RJ Vogt (May 2, 2018, 11:11 PM EDT) -- A California federal judge on Tuesday completely rejected the Commodity Futures Trading Commission's claims that the metal brokerage firm Monex executed thousands of illegal, off-exchange leveraged precious metals transactions and fleeced customers out of $290 million, ruling Monex's trading fell outside the agency's authority.

U.S. District Judge James V. Selna found the Commodity Exchange Act's actual delivery exception applied to Monex Credit Company's conduct, noting that lawmakers had considered excluding "transaction[s] in which the commodity is held as collateral" from counting as actual delivery, but ended up omitting the exclusion in the final bill.

"The Court therefore presumes that Congress did...

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