The Commodity Futures Knowledge Network ®
SPECIAL REPORT - CFTC
It's possible the U.S. Commodity Futures Trading Commission (CFTC) "strong investigative tactics," may eventually eliminate your Constitutional Rights to get many futures products and services, including Commodity Traders Club News and other unrelated third party publications, commodities product providers and various trading services! Please Support CTCN and The Institute For Justice.
Bulletin: Updated Press Release, February, 1999:
A Web Letter to Commodity Traders Club Clients & Supporters regarding the CFTC:
Dear Friend of Dave Green and Commodity Traders Club News,
In reference to the CFTC, many of you have expressed concern we will go out or be forced out of business by a direct result of the CFTC's investigation. Good News! The CFTC has now accepted my Settlement Offer in which we neither Admit or Deny their accusations. The Settlement Offer ink is now dry and the matter is concluded.
After spending the past 2-½ years dealing extensively with the CFTC and addressing their concerns, we are more than glad to put it behind us and move forward.
Even though we have now finalized the Settlement Agreement we still support efforts to (at a minimum) tone-down the U.S. Commodity Futures Trading Commission's (CFTC for short) apparent (end-result) disregard of Financial Privacy Rights. The CFTC say's they adhere to these privacy rights and in fact routinely mails Privacy Act Notices to most everyone they contact.
However, unfortunately, financial privacy seems to get frequently violated, even though the CFTC does not do this with intent. This occurs because of the CFTC's power and amazingly in-depth activities, including great subpoena authority. As a result, it seems financial privacy is routinely violated in fact (but not in theory), what with their questionable, powerful and seemingly heavy-handed investigative activities.
At one time we did not think highly of the U.S. commodity futures trading commission and their policies. However, our quite negative views have changed over the past year or so. We have a lot of respect for the CFTC and feel the Staff Attorneys we have come into contact with seem to be very professional, dedicated, hard working, reputable, honest and fair-minded individuals. However, their heavy-handed barrages of subpoenas, legal and investigative procedures, may unfortunately not be "fair."
Also, the CFTC's use of "In-Camera Ex-Parte" Evidence is in the opinion of both ourselves and the District Court of Arizona Judge not really appropriate and something which puts the person it's used against at a real disadvantage! In-Camera refers to evidence only privy to the Judge.
The party it's being used against has no right at all to even know the nature of the evidence, let alone to argue against the evidence. This is something which is clearly inappropriate to use in Court, with the possible exception of very serious criminal felony cases where there may be a fear of retribution. However, it should not be used in non-violent Civil Matters. Regardless, the CFTC can and does use In-Camera evidence as a result of their great authority and power.
Although the CFTC obviously does not deliberately do things with the intent of harassing, harming anyone, or intending to violate anyone's privacy, nevertheless it unfortunately ends-up in actuality having this sad effect.
We greatly respect the CFTC, (and several officials we know well, in particular). Nevertheless, it's alleged the CFTC's Division of Enforcement "investigations" are similar in some ways to a "witch hunt" and "fishing expedition.", though this apparently is not intentional.
The (non-intentional) end-results are incredibly troublesome, time consuming, business disrupting and income destroying activities against a number of varied futures industry firms, in addition to Dave Green and CTCN.
Some of their investigations and subsequent actions are warranted, such as investigating Commodities Telemarketing Schemes, so called Boiler Room frauds (common in Florida for some odd reason), worthless and fraudulent commodity futures trading product vendors who have committed fraud or sold worthless systems, sold expensive courses and seminars for up to $4000 and offered their clients an absurd one-day money-back guaranty, seriously lied about their personal trading successes and past trading records, churned managed accounts, lost all of clients funds due to over-trading (to generate commissions), deliberately used and/or stole money from customers, promised guaranteed huge profits to traders, Ponzi scheme operators, etc.
Unfortunately, it seems by virtue of the CFTC's extremely involved and amazingly strong investigative activities, they end up coming down very hard and having the effect of seriously harming most everyone who's affairs they decide to look into, justified or not.
It would be very supportive of you if you continue doing us an ongoing favor by giving even more testimonial type of letter. They may be handwritten or typed, short or long, informal or formal. Please write or e-mail CTCN with a testimonial, or expressing your support of both myself and commodity futures trading club, including any of our products or services you are familiar with.
Note: If we select what you had to say for reprinting, you may be assured we will never use your address, phone number or reveal any personal information, other than your name. In fact, even your name may be withheld if your desire. Let us know if you only want your initials used.
You may mail us a letter for any comments you have, including testimonial you elect to give about your satisfaction with any of our "commodity futures trading" products or services, including our S&P 500 Market Video Tape Educational "day trading" Trader Training Course, any of our other trading products and services you are familiar with, including Software Programs, Omega Tradestation compatible trading software, the Commodity Traders Club News publication, and of course, very importantly, any personal opinion you may have on myself, Dave Green.
Still another alternative is to write to your State Senator's in support of a move in Congress to merge the CFTC with The Securities and Exchange Commission (SEC), which is something we feel has great advantages for everyone. There may be some pending legislation before the U.S. Congress about this issue now or in the near future. You can write your State Senator's at the U.S. Senate Office Bldg., Washington, D.C. 20510.
For more information, send via E-Mail: ctcn@web-trading
P.S.: Please read our recent back-issues of Commodity Traders Club News, for some background information on this matter and the U.S. Commodity Futures Trading Commission (CFTC) and their amazing power. P.S. It's really too bad the CFTC does not investigate violent crimes (rather than only white-collar issues) as their arrest and conviction rate would likely be almost 100%! This is not an exaggeration, we really mean this and believe it to be true!
Thanks you for all your support, including the many testimonial letters. I believe we sent the CFTC approximately 300 letters of support from our clients. All those letters may have helped the CFTC in their findings and their subsequent acceptance of our Settlement Offer. Your support is greatly appreciated, even more than you know. We will always be indebted to you because of your help and support on this difficult issue. Thank You!!