SEC Chair “Has a Failed History of Protecting Investors,” Peter Brandt Fumes 

Veteran trader Peter Brandt slams SEC chairman Gary Gensler for failing to protect US investors despite heading two top financial regulatory agencies. 

The CEO of Factor LLC and veteran trader Peter Brandt has slammed the chairman of the SEC, Gary Gensler, over his recent tweet. 

In a July 25 tweet, Gensler said the SEC is considering adopting rules to enhance public companies’ disclosure regarding cybersecurity risks management, governance, and incidents. 

Notably, Gensler also attached a short video clip of him telling US investors about the SEC’s obligations towards public companies’ disclosure. 

Brandt Highlights Gensler’s Failed History At Protecting Investors

Three days after the tweet, Brandt slammed Gensler over his assertions in the video. The veteran trader described the SEC boss as a “power-hungry bald man” with a history of failing to protect US investors.

Let's just make one thing very clear. @GaryGensler has a FAILED history of protecting investors. He is full of B.8. and all professional speculators know this to be true. Power hungry bald man. I lost capital when three commodity brokers (FCMs) went bankrupt due to fraudulent… https://t.co/mcZCOhuZOR

— Peter Brandt (@PeterLBrandt) July 28, 2023

Brandt recounted losing money after three commodity brokers (FCMs) went bankrupt due to fraudulent activities. Brandt said the incident occurred when Gensler was the Commodity Futures Trading Commission (CFTC) chairman. 

Notably, REFCO, MF Global, and Peregrine Financial Group were among the commodity brokers that collapsed when Gensler was the CFTC chair. 

These companies misused investors’ funds, which led to their collapse. As reported earlier, Brandt revealed how Gensler approved MF Global to move US investors’ segregated capital to meet its margin call obligation in Europe. 

Per Brandt, MF Global’s collapse affected smaller clients, especially individual investors, who leveraged commodities to diversify their portfolios. 

Gensler Allegedly Played A Role in FTX Collapse

Furthermore, Brandt alleged that Gensler also played a part in the collapse of the crypto exchange FTX. According to reports, Gensler allegedly worked with FTX founder Sam Bankman-Fried (SBF) to give the exchange preferential treatment over other crypto businesses. 

Critics say Gensler was focused on giving FTX an edge over its competitors to the extent that the regulator failed to spot the massive hole in the exchange’s balance sheet. 

“Don’t let anything this little man tell you about his commitment to protecting investors. He will blow smoke up your arse all day if you let him,” Brandt added.