CFTC Blasted in Court for ‘Bad Faith' Misconduct in Fraud Case
A federal judge in New Jersey is weighing an unusual recommendation to sanction the US Commodity Futures Trading Commission, based on a report that the derivatives watchdog made such significant missteps in a 2023 fraud case that the agency should dismiss it and pay legal fees.
'The CFTC's conduct, which was undertaken over the course of a year and involved numerous instances of sanctionable behavior, was willful and undertaken in bad faith,' the special master in the case, Jose Linares, wrote in a report unsealed Tuesday. He was tasked with overseeing the CFTC's handling of a case against Traders Global Group Inc., a proprietary trading firm known as My Forex Funds.
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Forbes
9 minutes ago
- Forbes
Why We Need Black Voices In Tech
Leon Burns III Photo Credit: Leon Burns III As a young Black executive in tech, Leon Burns III is making it his mission to bridge the gap between underserved communities and opportunities in STEM. In the past year, he has launched and funded 11 STEM initiatives for Black students, created a $100,000 scholarship for HBCU business and management information systems (MIS) majors at his alma mater -- historically Black Hampton University -- and provided laptops to graduating high school girls through nonprofit partnerships. Why is Burns, who is the president and CEO of Open Technology Group (OTG), doing all of this work? According to the McKinsey Institute for Economic Mobility, whereas Black people make up 14% of the workforce in the U.S., they only account for 8% of employees in tech jobs. And their representation is even smaller among executives. According to Burns, the 'gap stems from a lack of exposure, limited investment in tech programs in our communities, and minimal access to mentors who reflect us.' Burns himself was afforded exposure to tech from an early age, which was unique compared to many of his peers. That early start made a lasting impact on him, and, as he shared, 'I have always felt a responsibility to give back and open doors for others. He added, 'With tech evolving rapidly, especially in areas like AI, there is a real fear that we will be left behind if we do not act now. That sense of urgency is what fuels my commitment to helping others see that they, too, can thrive in this field.' Currently, about ten HBCUs offer formal business analytics programs. From Burns' perspective, 'This is a major gap, especially as analytics increasingly drive decisions in business and across society.' He further explained, 'The problem is that African Americans and other minorities are often left out of the equation when these algorithms and tools are being developed. Without diverse input, the data and the decisions that follow become dangerously skewed.' Diversity in AI getty Organizational behaviorist Karim Ginena confirms Burns' thoughts, noting that both women and people of color are underrepresented in AI output in terms of answers and images. In an interview with Knowledge at Wharton, he stated, "If these issues of bias are left unaddressed, they can perpetuate unfairness in society at a very high rate. We're not just talking about your prototypical kind of bias. We're talking at an exponential rate with these automated decision systems, which is why they can be very dangerous.' According to Burns, 'My scholarship supports 20 students who major in business and minor in MIS, with a focus on those interested in business analytics careers. The goal is to build interest, expand access. This is about sparking long-term change that ensures our voices and perspectives are part of the data shaping the future.' He added, 'At OTG, I have led initiatives to close the pay gap for women in tech, launched a company-wide certification program to help our team overcome societal barriers to advancement, and created a resume revamp program to support employees pursuing internal promotions and government opportunities.' As an HBCU graduate, it was never enough for Burns to simply 'be in the tech space.' It has always been just as important to 'create real pathways for others to grow and lead in it as well.' While a student at Hampton, he learned that people thrive when they feel 'seen, supported, and included in the culture.' That lesson has shaped his leadership. For Burns, 'inclusivity and transparency' are the principles on which he has built his role as CEO. Burns is also focused on the mental health of Black people in tech, which he thinks is often overlooked in the fast-paced corporate and tech environments. I asked him how he makes mental health a priority at OTG, given his commitment. He shared, 'We added a floating holiday to everyone's schedule for a dedicated mental health day, and once a month, I sponsor a company lunch where the team comes together to openly discuss our work environment and share ideas for improvement. We also made updates to our insurance policies to provide easier access to therapy.' He further explained the reason for his commitment: 'I am a huge advocate for therapy myself and began going after my father, Leon Burns Jr., who founded the company, passed in 2011.' Burns also credits his alma mater for his learning how to embrace conversations around vulnerability. He stated that Historically Black Colleges and Universities (HBCUs) in recent years have 'created space for students to understand how our unique challenges and insecurities can be exploited in professional environments, and why prioritizing wellness over discomfort or financial gain is an essential part of leadership.' Burns' vision is focused on transformation and access. For him, being a leader means creating environments where others can imagine more for their futures. He is focused on reshaping the tech space to be a place where equity is engineered rather than assumed. His ultimate goal: To make sure that Black students don't get left behind.
CBS News
10 minutes ago
- CBS News
Maryland, New Jersey, Delaware, Colorado sue Trump administration over plan to distribute machine gun converters
Maryland, New Jersey and Delaware joined a multi-state lawsuit against the Trump administration to prevent it from distributing devices that allow semi-automatic weapons to be converted into machine guns. The lawsuit stems from a May 16 settlement agreement between the Trump administration and Rare Breed Triggers, a company that manufactures devices known as forced reset triggers. The lawsuit also includes Colorado, Hawaii, Illinois, Maine, Massachusetts, Michigan, Minnesota, Nevada, Oregon, Rhode Island, Vermont, Washington, and Washington, D.C. What are forced reset triggers? Forced Reset Triggers, or FRTs, are aftermarket triggers that enable semi-automatic guns to fire as fast as fully automatic weapons. In 2022, the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) ordered the company to halt sales and declared that FRTs would be considered machine guns under federal law, which consequently made them subject to tighter restrictions. Rare Breed Triggers disputed the ATF's stance and continued selling its FRTs, leading the federal government to file a lawsuit against the company in 2023. At the same time, the National Association for Gun Rights sued the ATF in federal court in Texas, challenging its classification of the FRT-15 as a machine gun. The May 16 settlement ended the litigation between the U.S. government and Rare Breed Triggers. "The Department's agreement with Rare Breed Triggers avoids the need for continued appeals in United States v. Rare Breed Triggers and continued litigation in other, related cases concerning the same issue," an announcement by the Department of Justice read. Under the lawsuit, ATF can stop enforcing the law against FRTs and can redistribute the devices previously seized by the agency. "Forced reset triggers turn semi-automatic firearms into weapons of war capable of inflicting devastating impacts on Maryland communities," said AG Brown. "The Trump administration's decision to send these previously seized firearms back to Maryland, where they are illegal, makes our neighbors and children more vulnerable to mass shootings." Suing over forced reset triggers With the lawsuit announced Monday, the states hope to prevent FRTs from being redistributed. "We're seeking a preliminary injunction to block the redistribution of forced reset triggers into our states," New Jersey Attorney General Matthew J. Platkin said Monday morning. "This is just part of what we're doing in New Jersey and in the states we're representing to reduce gun violence." Delaware Attorney General Kathy Jennings said the state banned rapid-fire devices in 2022. Maryland criminal law also bans rapid-fire activators. "These devices enable firearms to fire up to 900 bullets per minute," Maryland Attorney General Anthony Brown said. "The increased rate of fire allows carnage and chaos to reign on the streets. Everyone nearby becomes vulnerable to serious injury or death." Maryland sues gun manufacturer over machine gun converter In a similar move, Maryland and Baltimore sued gun manufacturer Glock in February, alleging the company violated the state's Gun Industry Accountability Act. The lawsuit alleged that Glock contributed to the gun violence crisis by promoting the use of switches, a device that converts a pistol into a machine gun. During the Maryland General Assembly, lawmakers proposed a bill banning a list of weapons that can be converted from semi-automatic weapons to fully automatic using an attachment referred to as an auto-sear, or "switch." Just last week, Baltimore Police arrested a group of teens who they said had multiple guns and ammunition, along with an auto-sear attachment.
CBS News
11 minutes ago
- CBS News
Waymo suspends car service in downtown Los Angeles after 5 vehicles set ablaze during ICE protests
Multiple Waymo cars were vandalized and set on fire in Los Angeles on Sunday, as anti-ICE protests escalated across the city. Aerial footage shows the electric, self-driving cars engulfed in flames with sparks shooting out from one vehicle. Another video shows the aftermath, with the charred metal remains of five Waymo vehicles splayed across a Los Angeles street. A Waymo car burns in the street as smoke billows during protests in Los Angeles, California, on June 8, 2025. David Pashaee/Middle East Images/AFP via Getty Images The charred remains of a Waymo vehicle litters the street following a night of violent protests in response to federal immigration operations in Los Angeles, on June 9, 2025. Frederic J. Brown/AFP via Getty Images Waymo has removed its vehicles from downtown Los Angeles and is suspending service in the area where the incidents occurred, out of an abundance of caution, a spokesperson for the ride-hailing service told CBS MoneyWatch. The company is still operating in other parts of Los Angeles. "We do not believe our vehicles were intentionally targeted, but rather happened to be present during the protests," the spokesperson said in an email. Waymo is owned by Google parent Alphabet. In addition to Los Angeles, the autonomous car company also offers it ride-hailing service in Phoenix and the San Francisco Bay, according to its website. Ricky Montanez, who covered the incident for CBS Los Angeles, said it took a while for the Los Angeles Police Department to arrive on the chaotic scene on Sunday. The LAPD and the Los Angeles County Sheriff's Department did not immediately respond to a request for comment by CBS News. Protests in California's capital began Saturday after ICE raids in the Los Angeles Fashion District, and escalated on Sunday following President Trump's decision to deploy at least 300 U.S. National Guard troops to the city — a move California Gov. Gavin Newsom has called illegal. In addition to setting Waymo cars on fire, protestors also damaged and looted several businesses on Sunday including Jordan Studio 23, a sporting goods store in downtown L.A., as well as a T-Mobile and an Adidas store, according to CBS Los Angeles. LAPD has advised businesses in the area to report any damage to the police. "Please photograph all vandalism and damage prior to clean up," the department posted on its X account.
