Washington, D.C. — The Commodity Futures Trading Commission today announced that Judge Zahid N. Quraishi of the U.S. District Court for the District of New Jersey entered a final judgment and consent order resolving charges against defendants Swapnil Rege (Rege) and SwapStar Capital LLC, and relief defendant Reema Rege. The order finds that the defendants engaged in fraudulent solicitation and misappropriation, and that Rege violated a prior CFTC consent order that, among other things, barred him from trading commodity interests for at least three years. The order further finds that Reema Rege received money or profits illegally obtained by the defendants, and is not legally entitled to and has no legitimate claim to such funds.
The order imposes permanent trading and registration bans against the defendants, and requires the defendants and relief defendant to pay, jointly and severally, $4,894,225 in disgorgement and pre-judgment interest of $161,335, with the relief defendant’s disgorgement obligation limited to the balances in specified accounts. In addition, the order imposes a permanent injunction prohibiting the defendants from committing further violations of the Commodity Exchange Act (CEA) and CFTC regulations, as charged, and imposes a $200,000 civil monetary penalty. The order resolves the CFTC’s complaint filed against the defendants and relief defendant on October 26, 2021. [See CFTC Press Release No. 8454-21]
“This Order reflects the CFTC’s…
