Date
22/12/2020
The Commodity Futures Trading Commission announced the U.S. District Court for the Eastern District of Wisconsin entered permanent trading and registration bans and a $740,968 civil monetary penalty against Southwest Services, L.L.C. a/k/a South West Services, LLC and its sole managing member, Timothy A. Sack of Oshkosh, Wisconsin. The court’s action follows the CFTC’s filing of a civil enforcement action against the defendants in October 2020. [See CFTC Press Release No. 8279-20]
The order finds that Southwest Services failed to register with the CFTC as a retail foreign exchange dealer (RFED), failed to provide customers with a written risk disclosure statement, and failed to keep books and records, as required. The order also finds that Sack failed to register with the CFTC as an associated person of a RFED. In addition, the order finds that Sack, as controlling person of Southwest Services, is liable for Southwest Services’ violations of the Com