We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

CFTC Calls For Legislative Fix Of Zelener Loophole

Law360 (June 1, 2009, 12:00 AM EDT) -- At a House hearing Thursday, a top official of the U.S. Commodity Futures Trading Commission urged lawmakers to close a loophole created by a 2004 appeals court decision the agency says has encouraged the growth of boiler rooms dealing in potentially fraudulent commodity contracts, and allowed them to evade federal regulators.

Stephen Jay Obie, acting director of the CFTC's division of enforcement, said a fix passed by Congress as part of the 2008 farm bill did not go far enough, and said a broader patch was...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.