CFTC Press Releases·Sep 1, 2026, 2:45 PM ET

CFTC Resolves Action Against Swaps Trader for Making False Statements

The U.S. District Court for the Southern District of New York entered a consent order against John Patrick Gorman III, a swaps trader & managing director at a global investment bank.
Gorman made false or misleading statements of material fact to the CFTC during an investigation that he knew or should have known were false.
The order requires Gorman to pay a $90,000 civil monetary penalty.
In March 2019, Gorman deleted WhatsApp messages & a relevant text conversation after receiving a document preservation request.
Gorman falsely stated in a May 2019 letter that he had not destroyed or altered documents covered by the preservation request.
Gorman made additional false statements during CFTC testimony in November 2019 regarding his compliance & communications with bank employees.
The consent order permanently enjoins Gorman from violating the Commodity Exchange Act & dismisses counts I & II of the CFTC complaint filed on Feb. 1, 2021.