CFTC Commissioner Pham's Statement Validates Three Years of Documented Misconduct

On May 13, 2025, CFTC Commissioner Caroline Pham made a historic public statement in the context of CFTC v. Traders Global Group Inc. (D.N.J. 2025) — a case where the court imposed $3.1 million in sanctions for "willful false statements" and "bad faith conduct" by the Division of Enforcement.

Commissioner Pham stated: "This case clearly shows that the Division has for far too long maintained a culture that the CFTC is above the law... leading to abuse of prosecutorial power and violation of due process."

This statement is extraordinary. A sitting CFTC Commissioner publicly acknowledged what I have been documenting since May 16, 2022: that the Division of Enforcement operates with a culture of impunity, believing itself to be above the law.

What This Means for My Case

The parallels between CFTC v. Traders Global Group Inc. and my case are striking. In both cases:

• CFTC investigators made materially false statements in court filings
• The Division of Enforcement pursued cases with reckless disregard for exculpatory evidence
• Investors were harmed not by the defendants, but by the CFTC's own enforcement actions

In my case, Investigator Heather Dasso admitted under oath that she never reviewed the blockchain records — the most fundamental evidence in a case involving a DeFi fund. She admitted that no investor had ever complained about not receiving their promised dividend payments. Yet the prosecution continued for over three years.

The Broader Pattern of Misconduct

Commissioner Pham's statement is not an isolated observation. It reflects a systemic cultural problem within the Division of Enforcement that has been documented across multiple cases:

• CFTC v. Traders Global Group Inc.: $3.1M in sanctions for willful false statements
• CFTC v. Sam Ikkurty: Three years of prosecution despite exculpatory blockchain evidence
• DOJ's April 7, 2025 Memorandum: "Ending Regulation By Prosecution" — explicitly forbidding the DOJ from pursuing cases without evidence of willful misconduct and actual investor harm

Conclusion

Commissioner Pham's statement is a watershed moment. It validates everything I have documented and filed with the GAO, DOJ, and CFTC Inspector General. The culture of the Division of Enforcement must change — and accountability must follow.

I will continue to document every development in this case and share it publicly. The rule of law must apply equally to government agencies and private citizens alike.