The Commodity Futures Trading Commission announced that a federal court entered a consent order resolving its enforcement action against John Patrick Gorman III, a U.S. dollar swaps trader and managing director at a global investment bank. The order requires Gorman to pay a $90,000 civil monetary penalty and permanently enjoins him from violating the relevant provision of the Commodity Exchange Act. The order finds that Gorman deleted WhatsApp and text messages covered by a document preservation request and subpoena during a CFTC investigation into trading by him and his employer. He subsequently made materially false or misleading statements in a letter and in testimony about preserving documents and communicating with bank employees outside the swaps desk. The court also dismissed with prejudice two counts from the CFTC's 2021 complaint.
2026-09-01Commodity Futures Trading Commission
Commodity Futures Trading Commission secures $90,000 consent order against swaps trader for false statements
The Commodity Futures Trading Commission secured a consent order requiring swaps trader John Patrick Gorman III to pay $90,000 for materially false or misleading statements during an investigation. The order finds that he deleted requested messages and misrepresented his compliance with document preservation requirements, and it permanently enjoins further violations.