UNITED STATES DISTRICT COURT 

SOUTHERN DISTRICT OF NEW YORK 

COMMODITY FUTURES TRADING 

COMMISSION, 

Plaintiff 

v. 

HDR GLOBAL TRADING LIMITED, 100x 

HOLDINGS LIMITED, ABS GLOBAL 

TRADING LIMITED, SHINE EFFORT INC 

LIMITED, HDR GLOBAL SERVICES 

(BERMUDA) LIMITED, ARTHUR HAYES, 

BENJAMIN DELO, and SAMUEL REED, 

Defendants 

Case No. 1:20-cv-08132 

Hon. Laura Taylor Swain 

CONSENT ORDER FOR PERMANENT INJUNCTION, CIVIL MONETARY 

PENALTY, AND OTHER EQUITABLE RELIEF 

AGAINST DEFENDANT SAMUEL REED 

I. INTRODUCTION

On October 1, 2020, Plaintiff Commodity Futures Trading Commission (“Commission” 

or “CFTC”) filed a Complaint against Defendants HDR Global Trading Limited (“HDR”), 100x 

Holdings Limited (100x”), ABS Global Trading Limited (“ABS”), Shine Effort Inc Limited 

(“Shine”), and HDR Global Services (Bermuda) Limited (“HDR Services”), all doing business 

as “BitMEX” (collectively “BitMEX”), as well as BitMEX’s co-founders Arthur Hayes 

(“Hayes”), Benjamin Delo (“Delo”), and Samuel Reed (“Reed”) (collectively “Defendants”), 

seeking injunctive and other equitable relief, as well as the imposition of civil penalties, for 

violations of the Commodity Exchange Act (“Act”), 7 U.S.C. §§ 1–26, and the Commission’s 

Regulations (“Regulations”) promulgated thereunder, 17 C.F.R. pts. 1–190 (2021). 

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(“Complaint,” ECF No. 1.)1

 On August 10, 2021, the district court entered a consent order of 

permanent injunction against the five defendant companies doing business as BitMEX (ECF 

No. 62), leaving the action pending against the three individual defendants, Hayes, Delo and 

Reed. 

II. CONSENTS AND AGREEMENTS

To effect settlement of all charges alleged in the Complaint against Defendant Samuel 

Reed (“Reed”) without a trial on the merits or any further judicial proceedings, Reed: 

1. Consents to the entry of this Consent Order for Permanent Injunction, Civil

Monetary Penalty, and Other Equitable Relief (“Consent Order”); 

2. Affirms that he has read and agreed to this Consent Order voluntarily, and that no

promise, other than as specifically contained herein, or threat, has been made by the CFTC or 

any member, officer, agent, or representative thereof, or by any other person, to induce consent 

to this Consent Order; 

3. Acknowledges proper service of the summons and Complaint;

4. Admits the jurisdiction of this Court over him for purposes of this settlement, and

the subject matter of this action pursuant to Section 6c of the Act, 7 U.S.C. § 13a-1; 

1

 On October 1, 2020, the U.S. Attorney’s Office for the Southern District of New York charged 

Hayes, Delo, and Reed, along with Greg Dwyer, with (1) willfully causing a financial institution 

to violate the Bank Secrecy Act, in violation of 31 U.S.C. §§ 5318(h)(1) and (l), 5322(a) and (c); 

31 C.F.R. §§ 1026.210 and 1026.220; and 18 U.S.C. § 2; and (2) conspiracy to commit the same 

offense, in violation of 18 U.S.C. § 371. United States v. Hayes, et al., 20 CR 500 (JGK) 

(S.D.N.Y.). On March 9, 2022, Reed entered a guilty plea to Count One of the indictment. 

Hayes and Delo have also entered guilty pleas to Count One of the indictment. Reed is 

scheduled to be sentenced on July 13, 2022. The criminal case remains pending against Dwyer 

as of the date of this Consent Order. 

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5. Admits the jurisdiction of the Commission over the conduct and transactions at

issue in this action pursuant to the Act; 

6. Admits that venue properly lies with this Court pursuant to 7 U.S.C. § 13a-1(e);

7. Waives:

(a) Any and all claims that he may possess under the Equal Access to Justice

Act, 5 U.S.C. § 504 and 28 U.S.C. § 2412, and/or the rules promulgated

by the Commission in conformity therewith, Part 148 of the Regulations,

17 C.F.R. pt. 148 (2021), relating to, or arising from, this action;

(b) Any and all claims that he may possess under the Small Business

Regulatory Enforcement Fairness Act of 1996, Pub. L. No. 104-121, tit. II,

§§ 201–253, 110 Stat. 847, 857–74 (codified as amended at 28 U.S.C.

§ 2412 and in scattered sections of 5 U.S.C. and 15 U.S.C.), relating to, or

arising from, this action;

(c) Any claim of Double Jeopardy based upon the institution of this action or

the entry in this action of any order imposing a civil monetary penalty or

any other relief, including this Consent Order; and

(d) Any and all rights of appeal from this action;

8. Consents to the continued jurisdiction of this Court over him for the purpose of

implementing and enforcing the terms and conditions of this Consent Order and for any other 

purpose relevant to this action, even if Reed now or in the future resides outside this judicial 

district; 

9. Agrees that he will not oppose enforcement of this Consent Order on the ground,

if any exists, that it fails to comply with Rule 65(d) of the Federal Rules of Civil Procedure and 

hereby waives any objection based thereon; 

10. Agrees that neither he nor any of his agents or employees under his authority or

control shall take any action or make any public statement denying, directly or indirectly, any 

allegation in the Complaint or the Findings of Fact or Conclusions of Law in this Consent Order, 

or creating or tending to create the impression that the Complaint and/or this Consent Order is 

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without a factual basis; provided, however, that nothing in this provision shall affect his: 

(a) testimonial obligations, or (b) right to take positions in other proceedings to which the

Commission is not a party. Reed shall comply with this agreement, and shall undertake all steps 

necessary to ensure that all of his agents and/or employees under his authority or control 

understand and comply with this agreement; 

11. By consenting to the entry of this Consent Order, neither admits nor denies the

allegations of the Complaint or any Findings of Fact or Conclusions of Law in this Consent 

Order, except the admissions in Paragraphs 4 and 5 above; 

12. Admits the facts set forth during his March 9, 2022 plea allocution in United

States v. Hayes, et al., 20 CR 500 (JGK) (S.D.N.Y.), a copy of which is attached to the parties’ 

Joint Motion for Entry of Consent Order; 

13. Consents to the use of the Findings of Fact or Conclusions of Law in this Consent

Order in this proceeding and in any other proceeding brought by the Commission or to which the 

Commission is a party or claimant, and agrees that they shall be taken as true and correct and be 

given preclusive effect therein, without further proof; 

14. Does not consent, however, to the use of this Consent Order, or the Findings of

Fact or Conclusions of Law herein, as the sole basis for any other proceeding, including a 

proceeding in which the registration of any Defendant may be affected, brought by the 

Commission or to which the Commission is a party other than a: proceeding in bankruptcy or 

receivership; or proceeding to enforce the terms of this Consent Order; 

15. Does not consent to the use of this Consent Order, or the Findings of Fact or

Conclusions of Law herein, by any other party in any other proceeding; and 

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16. Agrees that no provision of this Consent Order shall in any way limit or impair

the ability of any other person or entity to seek any legal or equitable remedy, if there is a basis 

in law and fact to do so, against Reed in any other proceeding; provided, however, that Reed 

does not agree that any provision of this Consent Order inures to the benefit of, or confers rights 

on, any other person or entity to seek any legal or equitable remedy that does not exist 

independently of this Consent Order, or that this Consent Order or any provision herein is 

admissible in any proceeding not involving the Commission. 

III. FINDINGS OF FACT AND CONCLUSIONS OF LAW

The Court, being fully advised in the premises, finds that there is good cause for the entry 

of this Consent Order and that there is no just reason for delay. The Court therefore directs the 

entry of the following Findings of Fact, Conclusions of Law, permanent injunction, and equitable 

relief pursuant to Section 6c of the Act, 7 U.S.C. § 13a-1, as set forth herein. The findings and 

conclusions in this Consent Order are not binding on any other party to this action. 

A. Findings of Fact

The Parties to this Consent Order

17. Plaintiff Commodity Futures Trading Commission is the independent federal

regulatory agency that is charged by Congress with administering and enforcing the Act and the 

Regulations. 

18. Defendant Samuel Reed is a co-founder and co-owner of BitMEX. Reed has

never been registered with the Commission in any capacity. 

The BitMEX Trading Platform and Products 

19. BitMEX is a peer-to-peer “crypto-products platform” that offers the trading of

cryptocurrency derivatives, including derivatives on bitcoin, ether, and litecoin. 

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20. From November 2014 to October 1, 2020 (the “Relevant Period”), BitMEX

operated as a common enterprise through a number of affiliated entities, including HDR, 100x, 

ABS, Shine, and HDR Services, acting through their officers, agents, or employees. 

21. During the Relevant Period, BitMEX offered leveraged trading of cryptocurrency

derivatives to retail (non-eligible contract participants (“non-ECPs”)) and institutional customers 

through BitMEX’s website, www.bitmex.com, and by direct connection to its trading engine 

servers via the BitMEX application programming interface (“API”). Customers in the U.S. 

placed orders to buy or sell contracts directly through BitMEX’s user interfaces, including the 

website and API. During the Relevant Period, BitMEX acted as the counterparty to certain 

transactions on its platform. 

22. On May 13, 2016, BitMEX launched its first swap product, a “perpetual bitcoin

U.S. dollar leveraged swap product.” On its website, BitMEX has described its “Perpetual 

Contract” (or “perpetual swap contract”) as “a product similar to a traditional Futures Contract in 

how it trades.” 

23. During the Relevant Period, BitMEX conducted certain components of its

business and maintained a presence in the U.S., including maintaining an office in New York 

from late 2017 until early 2019 and establishing a San Francisco office in 2017. 

24. During the Relevant Period, BitMEX solicited orders from U.S.-based customers

for futures, options, and swaps through its website and on social media that were available to and 

accessed by U.S.-based customers. 

25. Throughout the Relevant Period, BitMEX’s U.S. customers were able to access

the BitMEX platform from the U.S.—either via API or through the BitMEX website accessed on 

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customers’ own computers located in the U.S. via a virtual private network (“VPN”). BitMEX 

was aware that U.S. customers used VPNs to access the BitMEX platform. 

26. During the Relevant Period, BitMEX offered, entered into, confirmed the

execution of, and otherwise conducted activities relating to commodity option transactions in 

interstate commerce. These transactions were not executed on any registered board of trade, nor 

was BitMEX registered as a foreign board of trade. 

27. During the Relevant Period, BitMEX solicited or accepted orders for the purchase

or sale of commodities for future delivery; engaged in soliciting or accepting orders for swaps; 

engaged in soliciting or accepting orders for retail commodity transactions, and/or acted as a 

counterparty to those transactions; and, in connection with these activities, accepted money, 

securities, or property, including bitcoin, to margin, guarantee, or secure resulting trades on the 

BitMEX platform. In accordance with Section 1(a)(47)(iii) and (vi) of the Act, 7 U.S.C. 

§§ 1a(47) (iii), (vi), the swaps solicited or accepted by BitMEX included “perpetual swaps” or

“perpetual contracts” on bitcoin, ether, and litecoin. During the Relevant Period, BitMEX 

operated a facility for the trading of swaps—that is, a trading system or platform in which more 

than one market participant has the ability to execute or trade swaps with more than one other 

market participant on the system or platform—on digital assets including bitcoin, ether, and 

litecoin without registering with the CFTC as a designated contract market or a swap execution 

facility. 

28. During the Relevant Period, BitMEX employed an inadequate supervisory system

and failed to perform its supervisory duties diligently. Among other things, BitMEX failed to 

implement a customer identification program (“CIP”), including know-your-customer (“KYC”) 

procedures to identify U.S. persons using the BitMEX platform—or determine the true identity 

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of the vast majority of its customers, whether from the U.S. or elsewhere. BitMEX also failed to 

implement an adequate anti-money laundering (“AML”) program, which is required to prevent 

or detect, among other things, terrorist financing or other criminal activity, and failed to 

implement procedures to determine whether a customer appears on lists of known or suspected 

terrorists or terrorist organizations such as those issued by the Treasury Department’s Office of 

Foreign Assets Control (“OFAC”). 

Reed’s Control Over BitMEX

29. During the Relevant Period, Reed, along with others, controlled the operations of

BitMEX. Reed was one of three co-founders of BitMEX, and he was a co-owner of BitMEX. 

Reed served as BitMEX’s CTO and was primarily responsible for building and overseeing the 

BitMEX website and API. 

30. Reed, along with others, was involved in decisions concerning whether to pursue

regulatory approval for the platform and whether to implement KYC or AML policies and 

procedures. 

31. During the Relevant Period, employees managing BitMEX’s business ultimately

acted under the direction and control of Reed, along with others. 

B. Conclusions of Law

Jurisdiction and Venue

32. This Court possesses jurisdiction over this action pursuant to 28 U.S.C. § 1331

(codifying federal question jurisdiction) and 28 U.S.C. § 1345 (providing that U.S. district courts 

have original jurisdiction over civil actions commenced by the United States or by any agency 

expressly authorized to sue by Act of Congress). Section 6c(a) of the Act, 7 U.S.C. § 13a-1(a), 

provides that the Commission may bring actions for injunctive relief or to enforce compliance 

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with the Act or any rule, regulation, or order thereunder in the proper district court of the United 

States whenever it shall appear to the Commission that any person has engaged, is engaging, or 

is about to engage in any act or practice constituting a violation of any provision of the Act or 

any rule, regulation, or order thereunder. 

33. Venue properly lies with this Court pursuant to 7 U.S.C. § 13a-1(e).

Violations of the Act by BitMEX and Reed 

34. As set forth in the Order entered by this Court on August 10, 2021 (ECF No. 62),

by the conduct described above, Defendants HDR, 100x, ABS, Shine, and HDR Services, all 

acting as a common enterprise and doing business as BitMEX: 

a. offered to enter into, entered into, executed or confirmed the execution of

transactions involving commodities for future delivery on its platform that was

not designated as a contract market and thus violated Section 4(a) of the Act,

7 U.S.C. § 6(a);

b. offered to enter into, entered into, confirmed the execution of, maintained a

position in, or otherwise conducted activity related to any transaction in interstate

commerce that is a commodity option transaction not in compliance with and

subject to the provisions of this Act, including any Commission rule, regulation,

or order thereunder and thus violated Section 4c(b) of the Act, 7 U.S.C. § 6c(b),

and Regulation 32.2, 17 C.F.R. § 32.2 (2021);

c. acted as an FCM without being registered with the Commission as required under

the Act and thus violated Section 4d of the Act, 7 U.S.C. § 6d;

d. operated a facility for the trading or processing of swaps without being registered

as a swap execution facility or as a designated contract market and thus violated

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Section 5h(a)(1) of the Act, 7 U.S.C. § 7b-3(1), and Regulation 37.3(a)(1), 

17 C.F.R. § 37.3(a)(1) (2021); 

e. failed to diligently supervise the handling by its officers, employees and agents of

all commodity interest accounts carried by BitMEX and all other activities

relating to its business as a registrant and thus violated Regulation 166.3,

17 C.F.R. § 166.3 (2021); and

f. failed to comply with the Bank Secrecy Act and certain related regulations which

require that a customer identification program be adopted as part of a firm’s Bank

Secrecy Act compliance program and thus violated Regulation 42.2, 17 C.F.R.

§ 42.2 (2021).

35. Reed is liable as a control person of BitMEX for these violations. Reed

controlled BitMEX, directly or indirectly, and did not act in good faith or knowingly induced, 

directly or indirectly, the foregoing acts of BitMEX in violation of the Act; therefore, pursuant to 

Section 13(b) of the Act, 7 U.S.C. § 13c(b), Reed is liable for these violations by BitMEX. 

IV. PERMANENT INJUNCTION

IT IS HEREBY ORDERED THAT: 

36. Based upon and in connection with the foregoing conduct, pursuant to Section 6c

of the Act, 7 U.S.C. § 13a-1, Reed is permanently restrained, enjoined, and prohibited from 

directly or indirectly:

a. offering to enter into retail commodity transactions, or contracts for the purchase

or sale of bitcoin, litecoin, and ether for future delivery; entering into retail

commodity transactions, or contracts for the purchase or sale of bitcoin, litecoin,

and ether for future delivery; confirming the execution of retail commodity

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transactions, or contracts for the purchase or sale of bitcoin, litecoin, and ether 

for future delivery; and conducting an office or business in the U.S. for the 

purpose of soliciting, or accepting any order for, or otherwise dealing in, any 

transaction in, or in connection with, retail commodity transactions or contracts 

for the purchase or sale of bitcoin, litecoin, and ether for future delivery without 

conducting such futures transactions on or subject to the rules of a board of trade 

that is designated or registered by the CFTC as a contract market, in violation of 

Section 4(a) of the Act, 7 U.S.C. § 6(a). 

b. offering to enter into, entering into, confirming the execution of, maintaining

positions in, or otherwise conducting activities relating to commodity option

transactions in interstate commerce which do not comply with the Act or any

Regulations, in violation of Section 4c(b) of the Act, 7 U.S.C. § 6c(b), and

Regulation 32.2, 17 C.F.R. § 32.2 (2021).

c. engaging in soliciting or accepting orders for the purchase or sale of

commodities for future delivery, engaging in soliciting or accepting orders for

swaps, engaging in soliciting or accepting orders for agreements, contracts or

transactions described in Section 2(c)(2)(D)(i) of the Act, 7 U.S.C.

§ 2(c)(2)(D)(i) (retail commodity transactions), and/or acting as a counterparty in

agreements, contracts, or transactions described in 7 U.S.C. § 2(C)(2)(D)(i), and, 

in connection with these activities, accepting money, securities, or property (or 

extended credit in lieu thereof) to margin, guarantee, or secure resulting trades, 

in violation of Section 4d of the Act, 7 U.S.C. § 6d. 

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d. operating a facility for the trading of swaps—that is, a trading system or platform

in which more than one market participant has the ability to execute or trade

swaps with more than one other market participant on the system or platform—

on digital assets including bitcoin, ether, and litecoin without registering with the

CFTC as a designated contract market or a swap execution facility in violation of

Section 5h(a)(1) of the Act, 7 U.S.C. § 7b-3(1), and Regulation 37.3(a)(1),

17 C.F.R. § 37.3(a)(1) (2021).

e. failing to perform supervisory duties diligently, in particular by failing to

implement a Customer Identification Program, failing to implement and conduct

Know-Your-Customer procedures, failing to implement Anti-Money Laundering

procedures, and by failing to ensure that his partners, officers, employees, and

agents lawfully and appropriately handle all commodity interest accounts, in

violation of Regulation 166.3, 17 C.F.R. § 166.3 (2021).

f. failing to implement a Customer Identification Program, failing to implement

Know-Your-Customer policies and procedures, failing to implement an AntiMoney Laundering program, failing to retain required customer information, and

failing to implement procedures to determine whether a customer appears on lists

of known or suspected terrorists or terrorist organizations such as those issued by

the OFAC, in violation of Regulation 42.2, 17 C.F.R. § 42.2 (2021).

V. MONETARY AND OTHER EQUITABLE RELIEF

A. Civil Monetary Penalty

37. Reed shall pay a civil monetary penalty in the amount of Ten Million Dollars

($10,000,000) (“CMP Obligation”). If the CMP Obligation is not paid within ten business days 

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of the date of entry of this Consent Order, then post-judgment interest shall accrue on the CMP 

Obligation beginning on the date of entry of this Consent Order and shall be determined by using 

the Treasury Bill rate prevailing on the date of entry of this Consent Order pursuant to 28 U.S.C. 

§ 1961.

38. Reed shall pay the CMP Obligation, as well as any post-judgment interest, by

electronic funds transfer, U.S. postal money order, certified check, bank cashier’s check, or bank 

money order. If payment is to be made other than by electronic funds transfer, then the payment 

shall be made payable to the Commodity Futures Trading Commission and sent to the address 

below: 

MMAC/ESC/AMK326 

Commodity Futures Trading Commission 

6500 S. MacArthur Blvd. 

HQ Room 266 

Oklahoma City, OK 73169 

9-amc-ar-cftc@faa.gov

If payment by electronic funds transfer is chosen, Reed or his agent shall contact Tonia King or 

her successor at the address above to receive payment instructions and shall fully comply with 

those instructions. Reed or his agent shall accompany payment of the CMP Obligation with a 

cover letter that identifies him as payor and the name and docket number of this proceeding. 

Reed or his agent shall simultaneously transmit copies of the cover letter and the form of 

payment to the Chief Financial Officer, Commodity Futures Trading Commission, Three 

Lafayette Centre, 1155 21st Street, NW, Washington, D.C. 20581. 

B. Provisions Related to Monetary Sanctions

39. Partial Satisfaction: Acceptance by the Commission of any partial payment of

Reed’s CMP Obligation shall not be deemed a waiver of his obligation to make further payments 

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pursuant to this Consent Order, or a waiver of the Commission’s right to seek to compel payment 

of any remaining balance. 

VI. MISCELLANEOUS PROVISIONS

40. Until such time as Reed satisfies in full his CMP Obligation, this Consent Order,

upon the commencement by or against Reed of insolvency, receivership or bankruptcy 

proceedings or any other proceedings for the settlement of any of Reed’s debts, all notices to 

creditors required to be furnished to the Commission under Title 11 of the United States Code or 

other applicable law with respect to such insolvency, receivership bankruptcy or other 

proceedings, shall be sent to the address below: 

Secretary of the Commission 

Legal Division 

Commodity Futures Trading Commission 

Three Lafayette Centre 

1155 21st Street N.W. 

Washington, DC 20581 

41. Notice: All notices and certifications required to be given by any provision in this

Consent Order, except as set forth in paragraph 40, above, shall be sent by email and by certified 

mail as follows: 

Notice to Commission: 

Robert T. Howell, Deputy Director 

Commodity Futures Trading Commission, Chicago Regional Office 

Metcalfe Federal Building 

77 W. Jackson Blvd., Suite 800 

Chicago, IL 60604 

RHowell@cftc.gov 

Notice to Reed: 

Douglas K. Yatter 

LATHAM & WATKINS LLP 

1271 Avenue of the Americas 

New York, NY 10020 

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douglas.yatter@lw.com 

All such notices to the Commission shall reference the name and docket number of this action.

42. Change of Address/Phone: Until such time as Reed satisfies in full his CMP 

Obligation as set forth in this Consent Order, Reed shall provide written notice to the 

Commission by certified mail of any change to his telephone number and mailing address within 

ten calendar days of the change. 

43. Entire Agreement and Amendments: This Consent Order incorporates all of the 

terms and conditions of the settlement among the parties hereto to date. Nothing shall serve to 

amend or modify this Consent Order in any respect whatsoever, unless: (a) reduced to writing; 

(b) signed by all parties hereto; and (c) approved by order of this Court. 

44. Invalidation: If any provision of this Consent Order or if the application of any 

provision or circumstance is held invalid, then the remainder of this Consent Order and the 

application of the provision to any other person or circumstance shall not be affected by the 

holding. 

45. Waiver: The failure of any party to this Consent Order at any time to require 

performance of any provision of this Consent Order shall in no manner affect the right of the 

party at a later time to enforce the same or any other provision of this Consent Order. No waiver 

in one or more instances of the breach of any provision contained in this Consent Order shall be 

deemed to be or construed as a further or continuing waiver of such breach or waiver of the 

breach of any other provision of this Consent Order. 

46. Continuing Jurisdiction of this Court: This Court shall retain jurisdiction of this 

action to ensure compliance with this Consent Order and for all other purposes related to this 

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action, including any motion by Reed to modify or for relief from the terms of this Consent 

Order. 

47. Injunctive and Equitable Relief Provisions: The injunctive and equitable relief 

provisions of this Consent Order shall be binding upon Reed, upon any person under his authority 

or control, and upon any person who receives actual notice of this Consent Order, by personal 

service, e-mail, facsimile, or otherwise insofar as he or she is acting in active concert or 

participation with Reed. 

48. Counterparts and Facsimile Execution: This Consent Order may be executed in 

two or more counterparts, all of which shall be considered one and the same agreement and shall 

become effective when one or more counterparts have been signed by each of the parties hereto 

and delivered (by facsimile, e-mail, or otherwise) to the other party, it being understood that all 

parties need not sign the same counterpart. Any counterpart or other signature to this Consent 

Order that is delivered by any means shall be deemed for all purposes as constituting good and 

valid execution and delivery by such party of this Consent Order. 

49. Contempt: Reed understands that the terms of the Consent Order are enforceable 

through contempt proceedings, and that, in any such proceedings he may not challenge the 

validity of this Consent Order. 

50. Agreements and Undertakings: Reed shall comply with all of the undertakings 

and agreements set forth in this Consent Order. 

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There being no just reason for delay, the Clerk of the Court is hereby ordered to enter this 

Consent Order for Injunctive Relief, Civil Monetary Penalty, and Other Equitable Relief Against 

Defendant Samuel Reed forthwith and without fmther notice. 

IT IS SO ORDERED on this ~ day of May , 2022. 

UNITED STATES DISTRICT JUDGE 

17 
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CONSENTED TO AND APPROVED BY: 

Defendant Samuel Reed 

Samuel Reed 

Date: ---- - ---

Plaintiff Commodity Futures Trading 

Commission 

Eliza th N. Pendleton 

Chief Trial Attorney 

Commodity Futures Trading Commission 

525 West Monroe 

Chicago, IL 6066 1 

epenclleton@cfl.c.gov 

18 
19 

Approved as to Form: 

___________________________________ 

Douglas K. Yatter 

LATHAM & WATKINS LLP 

1271 Avenue of the Americas 

New York, NY 10020 

douglas.yatter@lw.com

Attorney for Defendant Samuel Reed 

Date: ___________________ March 28, 2022

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