Reuben Jeffery couldn't have asked for better timing. On the day that the new chairman of the Commodity Futures Trading Commission warned of further crackdowns if the hedge fund industry doesn't heal itself comes word of another commodity trader on the cusp of trouble. There is Jeffery, speaking to the Managed Funds Association in Florida, when his agency announces (not to the audience but in a press release) an enforcement action against Lazaro Jose Rodriguez of Miami for allegedly grabbing $1.5 million from about 400 customer with false promises about trading in commodity futures and options contracts. It isn't clear whether Jeffery was aware of the announcement at the time, but it sure would have added some oomph to his comments, as hedgies in the past have been socked by the CFTC for basically doing the same thing. "The more you do for yourselves," Jeffery told the crowd, "the less the government may do on your behalf." He obviously wasn't referring to alleged illegal activity à la Rodriguez, but the message is clear to all readers: While the Securities and Exchange Commission has made recent moves to crack down on the hedge fund industry, the CFTC can be counted on to provide some double-barreled enforcement action.