Commodity Futures Trading Commission v. Gibraltar Monetary Corp.

Appellant, the Commodity Futures Trading Commission (“CFTC”), appeals from the district court’s non-jury trial order granting judgment in favor of Appellee, Forex Capital Markets (“FxCM”), on the CFTC’s claim that FxCM should be held vicariously liable under 17 C.F.R. § 1.2 for Gibraltar Monetary Corporation, Inc.’s (“GMC”) violations of the Commodities Exchange Act (“CEA”) and CFTC Regulations, 17 C.F.R. § 32.9(a) and (c). 1 The district court found that (1) the vicarious liability provision in the CEA, 7 U.S.C. § 2(a)(1)(B), on which the CFTC relied did not apply to the transactions…