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Criminal Portions of the Commodity Exchange Act

March 21, 2024 Uncategorized

To start with, you need to understand what the Commodity Exchange Act is and what it provides.

It is found in chapter 545, 49 Statute. 1491, and was enacted back in 1936 June the 15th. This federal act was passed in 1936 by the Government of the United States, replacing the 1922’s Act on Grain Futures Act.

This act provides that federal regulations of every commodity and future trading activities should require futures and commodity options and must be traded on organized exchanges. The CFTC, Commodity Futures Trading Commission in 1974 was created due to the Commodity Exchange Act. Further in 1982, the NFA also referred to as the CFTC launched the National Futures Association.

List of Commodities

Today, there are so many commodities being traded. However, they have been categorized into three major groups. These categories include Agriculture, metals, and energy.

Agricultural commodities comprise of

• Any agricultural products that can be drunk example cocoa, sugar, coffee, and orange juice. They are referred to as softs market.

• There is also the grains category which comprises wheat, soybean oil, soybeans, oat, rice, and corn

Christine Twomey
Christine Twomey
2024-03-21
Just had my Divorce case settled 2 months ago after having a horrible experience with another firm. I couldn’t be happier with Claire Banks and Elizabeth Garvey with their outstanding professionalism in doing so with Spodek Law Group. Any time I needed questions answered they were always prompt in doing so with all my uncertainties after 30 yrs of marriage.I feel from the bottom of my heart you will NOT be disappointed with either one. Thanks a million.
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Brendan huisman
2024-03-18
Alex Zhik contacted me almost immediately when I reached out to Spodek for a consultation and was able to effectively communicate the path forward/consequences of my legal issue. I immediately agreed to hire Alex for his services and did not regret my choice. He was able to cover my case in court (with 1 day notice) and not only was he able to push my case down, he carefully negotiated a dismissal of the charge altogether. I highly recommend Spodek, and more specifically, Alex Zhik for all of your legal issues. Thanks guys!
Guerline Menard
Guerline Menard
2024-03-18
Thanks again Spodek law firm, particularly Esq Claire Banks who stood right there with us up to the finish line. Attached photos taken right outside of the court building and the smile on our faces represented victory, a breath of fresh air and satisfaction. We are very happy that this is over and we can move on with our lives. Thanks Spodek law 🙏🏼🙏🏼🙏🏼🙏🏼🙌🏼❤️
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Keisha Parris
2024-03-15
Believe every single review here about Alex Z!! From our initial consultation, it was evident that Alex possessed a profound understanding of criminal law and a fierce dedication to his clients rights. Throughout the entirety of my case, Alex exhibited unparalleled professionalism and unwavering commitment. What sets Alex apart is not only his legal expertise but also his genuine compassion for his clients. He took the time to thoroughly explain my case, alleviating any concerns I had along the way. His exact words were “I’m not worried about it”. His unwavering support and guidance were invaluable throughout the entire process. I am immensely grateful for Alex's exceptional legal representation and wholeheartedly recommend his services to anyone in need of a skilled criminal defense attorney. Alex Z is not just a lawyer; he is a beacon of hope for those navigating the complexities of the legal system. If you find yourself in need of a dedicated and competent legal advocate, look no further than Alex Z.
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Taïko Beauty
2024-03-15
I don’t know where to start, I can write a novel about this firm, but one thing I will say is that having my best interest was their main priority since the beginning of my case which was back in Winter 2019. Miss Claire Banks, one of the best Attorneys in the firm represented me very well and was very professional, respectful, and truthful. Not once did she leave me in the dark, in fact she presented all options and routes that could possibly be considered for my case and she reinsured me that no matter what I decided to do, her and the team will have my back and that’s exactly what happened. Not only will I be liberated from this case, also, I will enjoy my freedom and continue to be a mother to my first born son and will have no restrictions with accomplishing my goals in life. Now that’s what I call victory!! I thank the Lord, My mother, Claire, and the Spodek team for standing by me and fighting with me. Words can’t describe how grateful I am to have the opportunity to work with this team. I’m very satisfied, very pleased with their performance, their hard work, and their diligence. Thank you team!
Anthony Williams
Anthony Williams
2024-03-12
Hey, how you guys doing? Good afternoon my name is Anthony Williams I just want to give a great shout out to the team of. Spodek law group. It is such a honor to use them and to use their assistance through this whole case from start to finish. They did everything that they said they was gonna do and if it ever comes down to it, if I ever have to use them again, hands-down they will be the first law office at the top of my list, thank you guys so much. It was a pleasure having you guys by my side so if you guys ever need them, do not hesitate to pick up the phone and give them a call.
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Loveth Okpedo
2024-03-12
Very professional, very transparent, over all a great experience
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Bee L
2024-02-28
Amazing experience with Spodek! Very professional lawyers who take your case seriously. They treated me with respect, were always available, and answered any and all questions. They were able to help me very successfully and removed a huge stress. Highly recommend.
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divesh patel
2024-02-24
I can't recommend Alex Zhik and Spodek Law Firm highly enough for their exceptional legal representation and personal mentorship. From the moment I engaged their services in October 2022, Alex took the time to understand my case thoroughly and provided guidance every step of the way. Alex's dedication to my case went above and beyond my expectations. His expertise, attention to detail, and commitment to achieving the best possible outcome were evident throughout the entire process. He took the time to mentor me, ensuring I understood the legal complexities involved to make informed decisions. Alex is the kind of guy you would want to have a beer with and has made a meaningful impact on me. I also want to acknowledge Todd Spodek, the leader of the firm, who played a crucial role in my case. His leadership and support bolstered the efforts of Alex, and his involvement highlighted the firm's commitment to excellence. Thanks to Alex Zhik and Todd Spodek, I achieved the outcome I desired, and I am incredibly grateful for their professionalism, expertise, and genuine care. If you're in need of legal representation, look no further than this outstanding team.

• Another one is the animals that became food. These include live cattle and lean hogs or pork

• The last on this category would be an agricultural product that you wouldn’t eat. Lumber and cotton would make the best example.

The next category would feature energy. In this category, RBOB gasoline, crude oil, natural gas, and heating oil are the primary examples. Commodities that trade in big determinant in setting the oil prices are also included here.

The last category includes the mined commodities like copper, silver and also platinum. Earlier on, the London metal exchange reported that they would come up with features contracts for the metals that are used in batteries in 2019. This exchange is convinced that there will be a tremendous market for the metals as their demand keeps growing by the day since electric vehicle are on rampant production in the current century.

Commodities Is A Business Term

If you pursued business as a discipline in university, then you know that it can be defined as goods and services that one buys and sells purely on price. Commodities can include the traded commodities, and they could also comprise the products that are not very much differentiated from others based on benefits, brand or other distinguishing features.

A good example would be Coca-Cola, which is a brand product which receives massive loyalties and is priced higher since it is perceived of being different from the rest of cola drinks. Therefore, what might seem to be a low-cost store brand is a commodity since it is not much different from other brands of stores. It is also bought primarily since it comes in a low cost and not its taste.

How Does Commodities Market Work?

The commodities trading determines the prices of all commodities. This, therefore, makes the prices of everyday products to be volatile. This is why you see the prices of gasoline changing every other day. Dealers of items trade their merchandise in the open market thus the change in price every other day. In most cases, the ordinary consumer finds themselves in crossroads due to the price variation in the everyday products like meat, gasoline, and grains. The price fluctuation has a toll on more impoverished people across the world that have no option but pay more for their limited income on transportation and feeding. It also has a toll on farmers, as it makes it riskier to farm. This is the main reason why not only the US government but also governments across the world provide subsidies on farm inputs.

In the exchanges, the highest volume of trading is in oil, agricultural products, and metals such as gold. Of cause, no one wants to transport such heavy materials; they are traded in future contracts instead. Commodities contracts are always priced in US dollars. This, therefore, means that when there is a rise in the value of the dollar, one would need fewer dollars to buy the exact amount of the commodities, and thus the price of the product goes down.

Financials which are currencies also are traded in future contracts. A good example would be the 3- month Eurodollar and the Euro-Fix. They may as well include interest rates like the 10-year Treasury note. Stock indices are also traded in future contracts; the best example is the S&P 500. However, the Commodity Exchange Act does not clearly define these as commodities.

Violation of The Act

  1. If you Intentionally manipulate price during a call auction
  2. If you intentionally manipulate price during the Continuous Trading, also known as Zabara
  3. When you manipulate price during the Settlement Price Calculation Period when you trade individually in collaboration with others with the intention to manipulate the settlement price
  4. When you fake orders or spook
  5. Front running
  6. Transferring profits

When you perform the above and much, you will be violating the trade practice act as stipulated by The CFTC. You, therefore, need to search for a competent Commodity attorney to represent you in a federal court of law.

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Todd Spodek

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RALPH P. FRANCHO, JR

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JEREMY FEIGENBAUM

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ELIZABETH GARVEY

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CLAIRE BANKS

Associate

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RAJESH BARUA

Of-Counsel

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CHAD LEWIN

Of-Counsel

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