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  • Statement Of CFTC Commissioner Kristin N. Johnson Regarding CFTC Action Against Red Rock Secured, LLC, Shade Johnson-Kelly a/k/a Sean Kelly, And Anthony Spencer For Precious Metals Fraud

    Date 15/05/2023

    Today, the Commodity Futures Trading Commission (CFTC or Commission) filed a complaint in the U.S. District Court for the Central District of California against Red Rock Secured, LLC (Red Rock), Shade Johnson-Kelly a/k/a Sean Kelly, and Anthony Spencer (Defendants) for engaging in a scheme to defraud people throughout the United States.[1]  Defendants marketed precious metal, in particular silver and gold Canadian Red-Tailed Hawk (RTH) coins, to customers while misleading them as to the exorbitant mark-ups that Defendants were charging, which routinely and repeatedly ranged from 100% to 130%.  Troublingly, Defendants convinced hundreds of customers—many of them elderly—to use retirement funds to invest in these overpriced RTH coins.  Ultimately, Red Rock charged approximately 959 customers approximately $34.4 million in mark-ups on approximately $61.8 million in sales.

  • ISDA-Clarus RFR Adoption Indicator: April 2023

    Date 15/05/2023

    The ISDA-Clarus RFR Adoption Indicator increased to an all-time high of 60.7% in April 2023 compared to 56.6% in March 2023. The indicator tracks how much global trading activity (as measured by DV01) is conducted in cleared over-the-counter and exchange-traded interest rate derivatives (IRD) that reference risk-free rates (RFRs) in eight major currencies. On a traded notional basis, the percentage of RFR-linked IRD rose to 53.4% of total IRD transacted in April 2023 compared to 52.3% the prior month.

  • The CFTC And State Regulators In California And Hawaii Charge Los Angeles Area Precious Metals Dealer In Ongoing $61 Million Fraud Targeting The Elderly

    Date 15/05/2023

    The Commodity Futures Trading Commission and state regulators in California and Hawaii today announced they have filed a joint civil enforcement action in the U.S. District Court for the Central District of California against a precious metals dealer, its chief executive officer (CEO), and a senior account executive for perpetrating a $61.8 million nationwide fraudulent scheme. 

  • SEC Charges Red Rock Secured, Three Executives In Fraud Scheme Targeting Retirement Accounts

    Date 15/05/2023

    The Securities and Exchange Commission today announced charges against El Segundo, California-based Red Rock Secured LLC, its CEO, Sean Kelly, and two of its former Senior Account Executives, Anthony Spencer and Jeffrey Ward, in connection with a fraudulent scheme that involved convincing hundreds of investors to sell securities in their retirement accounts to buy gold and silver coins at prices that included markups far greater than the defendants had promised.

  • Market Makers Continue To Reduce Liquidity - Kaiko Research: Data Debrief

    Date 15/05/2023

    Last week, some of the biggest market makers in crypto, Jane Street and Jump Crypto, announced they were winding down some of their crypto exposure, particularly in the U.S due to regulatory uncertainty. This move should have major implications for liquidity in the industry which has already lost several big players over the last year. Interestingly, market depth for BTC has barely shifted since the announcement or over the past month, remaining at depressed levels. This seems to indicate that Jump and Jane Street already reduced the majority of their exposure, or have yet to make those adjustments. With the gradual decline in market depth year-to-date, it seems more likely it’s the former.

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