ASHEVILLE, N.C., Oct. 30, 2019 /PRNewswire/ -- Mike McLeod, lawyer and individual investor, announces publication of his latest book "The Worst Financial Scandals of the Last 20 Years" He may be contacted at [email protected]. Mike McLeod is announcing the publication on the one-year anniversary of one of the greatest financial scandals of the last 20 years. The book title is "The Greatest Financial Scandals of the Last Twenty Years: From Madoff to the Cover up of the OptionSellers/ INT FCStone Scandal". It is available to purchase on Amazon.com.
As the young General Counsel and Staff Director of the Senate Agriculture Committee he drafted the Commodity Futures Trading Commission Act of 1974. This was the statue which created the Commodity Futures Trading Commission (CFTC).
In 1983, McLeod went into private practice with the Chicago Board of Trade (CBOT)as his first client. It remained his client until it was subsumed into the Chicago Mercantile Exchange (CME) in 2008. However, he remained involved in this area of law for both private clients and pro bono work. He worked with CFTC Chairman Gary Gensler and Elizabeth Warren on the Commodity Futures Modernization Act of 2010.
It was ironic that McLeod became a victim of the collapse of OptionSellers in the second week of November 2018. It was hard to accept that the CFTC allowed the company that cleared all the trades, INT FCStone, to escape all responsibility for the losses and bill innocent investors for the losses. It is established fact that the system relies on the clearing companies for the integrity of futures trading.
This is why the book refers to CFTC actions as a cover up. The author says that Congress should either merge the CFTC into the SEC or, at least make clear that the trading of all options, those that are on commodities, as well as those that on stocks, are under SEC jurisdiction. *
SOURCE Michael R. McLeod