The Commodity Futures Trading Commission (CFTC) has filed a proposed final judgment and consent order in its litigation against LJM Funds Management Ltd., (LJMFM) LJM Partners Ltd., (LJM Partners) (together “LJM”), Anthony J. Caine, and Anish Parvataneni.

The proposed consent order is set to settle charges brought by the CFTC back in May 2021. The regulator charged Chicago commodity pool operators (CPOs) LJM Partners Ltd and LJM Funds Management Ltd, (collectively LJM), their Chairman, owner and registered associated person (AP) Anthony J. Caine of Colorado and Chief Portfolio Manager Anish Parvataneni of Illinois with commodity pool fraud and fraud in connection with options on futures contracts for false or misleading statements about worst-case losses, risk management, and LJM’s risk profile.

The complaint also charged LJM and Caine with failing to diligently supervise its employees and agents.

The proposed consent order, submitted at the Illinois Northern District Court on June 24, 2025, states that the defendants agree to permanent injunction.

Further, LJMFM and Caine must pay, jointly and severally, disgorgement in the amount of one million, seven hundred twenty thousand three hundred seventeen dollars ($1,720,317) plus pre-judgment interest of six hundred ninety-nine thousand, one hundred twenty-nine dollars ($699,129) for a total disgorgement obligation of two million four hundred nineteen thousand, four hundred forty-six dollars ($2,419,446) representing the gains received in connection with the violations alleged in the Complaint.

LJM Partners and Caine must pay, jointly and severally, disgorgement in the amount of one million five hundred sixty-seven thousand seven hundred thirteen dollars ($1,567,713) plus pre-judgment interest of six hundred thirty-seven thousand one hundred twelve dollars ($637,112), for a total disgorgement obligation of two million two hundred four thousand eight hundred twenty-five dollars ($2,204,825), representing the gains received in connection with the violations alleged in the Complaint.

Parvataneni must pay disgorgement in the amount of five hundred twelve thousand dollars, seven hundred twenty five dollars ($512,725) plus pre-judgment interest in the amount of two hundred eight thousand, three hundred sixty eight dollars ($208,368), for a total disgorgement obligation of seven hundred twenty-one thousand, ninety-three dollars ($721,093), representing the gains received in connection with the violations alleged in the Complaint.

Caine must also pay a civil monetary penalty in the amount of five hundred thousand dollars ($500,000).

Parvataneni must also pay a civil monetary penalty in the amount of two hundred thousand dollars ($200,000).