The Justice Department has opened a parallel investigation into the trading activity, and the CFTC's enforcement division continues to probe March and April activity. This intervention occurs as the regulator has cut more than 20% of its staff since January 2025 and seen annual enforcement actions drop from 96 in 2023 to approximately 13 in 2026. A CFTC official stated that Gunewardena took over the analysis to ensure a more comprehensive review of international markets including swaps and options.
Tuesday, October 20, 2026
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CFTC Adviser Retracts Insider Trading Referral for $2B S&P 500 Bets
Commodities7 days ago
Mel Gunewardena, a senior adviser to CFTC Chairman Michael Selig, ordered agency staff to retract an insider trading referral involving billions of dollars in contracts placed 15 minutes before President Donald Trump reversed his threats to strike Iranian power plants on March 23. Forensic analysts had flagged the sale of contracts for at least 6 million barrels of Brent and WTI crude—more than 8.5 times the normal volume—and more than $2B in notional value of S&P 500 futures. Brent oil prices fell as much as 14% after Trump's announcement, while stock markets rose about 4% from session lows.
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