Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

CFTC - U.S. Commodity Futures Trading Commission : CFTC Charges Ethanol Trader John Aaron Brooks with Fraud for Scheming to Conceal Trading Losses

share with twitter share with LinkedIn share with facebook
share via e-mail
0
09/28/2013 | 01:40am CET

September 27, 2013

Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today filed a civil injunctive enforcement action charging John Aaron Brooks with defrauding an affiliate of a large commercial bank where he then worked by scheming to conceal trading losses from the bank and its affiliate.  As alleged in the CFTC's Complaint, Brooks effectuated his scheme by inflating the value of New York Mercantile Exchange Chicago Ethanol (Platts) Futures contracts to conceal trading losses he was incurring.  The losses concealed ultimately grew to cause the bank and its affiliate to suffer over $40 million in realized losses before Brooks's fraud was detected, leading to his termination, according to the Complaint. Brooks resides in Houston, Texas.

The CFTC's civil complaint, filed September 27, 2013, in the U.S. District Court for the Southern District of New York, alleges that for the majority of the days for nearly eleven months beginning in or about November 2010, and continuing through on or about October 20, 2011, Brooks, then employed as Director in the commodities business of the bank affiliate, knowingly entered false inflated prices into an internal trade booking and valuation computer software system to effectuate his scheme to conceal trading losses.

In its continuing litigation, the CFTC seeks a civil monetary penalty, restitution, trading and registration bans, and a permanent injunction prohibiting further violations of the federal commodities laws, as charged. 

CFTC Division of Enforcement staff responsible for this case includes Janine Gargiulo, Michael Geiser, Trevor Kokal, David Acevedo, Lenel Hickson, Stephen J. Obie, Manal Sultan, and Vincent McGonagle.

Media Contacts
Dennis Holden
202-418-5088

Last Updated: September 27, 2013

distributed by
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
03:48p ROCKWELL COLLINS : announces new leadership for its expanding Middle East region
03:44p BARNES & NOBLE : This is my headline
03:43p MANCHESTER UNITED : revive interest in Real Madrid midfielder Toni Kroos
03:41p ALLZ : Winners of Baku World Cup in Trampoline Gymnastics awarded
03:40p RED ROBIN GOURMET BURGERS : The dinner of a two-time state champion? How about a pie and some red meat?
03:34p GLOBAL CAPITAL PARTNERS : Strong dollar weakens short-term demand for Dubai property
03:34p OIL : cause of, and solution to, Libya’s problems
03:33p IVAN FALLON : Even amid Brexit, banks and tech companies such as Apple find there’s no place like London
03:30p TOTAL : Determined to Develop South Pars Phase 11
03:30p MICROSOFT : Google Reveals Windows Vulnerability as Microsoft Fails to Patch It
Latest news
Advertisement
Hot News 
18.24%Canada's MacDonald Dettwiler to buy DigitalGlobe - Dow Jones
10.74%Kraft Heinz Company (The) Statement Regarding Unilever plc
13.43%Kraft Heinz Company (The) Statement Regarding Unilever plc / Unilever NV
-3.75%GENERAL MILLS : Lowers Sales, Profit Forecast
-8.47%Air Canada expects higher fuel costs to weigh on margins
Most Read News
02/18 PSA chief executive to meet May about Vauxhall takeover
02/18 WEST TEXAS RESOURCES : Rambelles nip rival West Texas A&M
02:23a ANOTHER BREXIT DOWNSIDE : foreign giants in power grabs for famous British names
02/18 WAL MART STORES : Peeps flavored Oreos are upon us. Can the end of the world be far behind?
07:44aDJPEUGEOT : Theresa May to Meet Peugeot CEO Amid Concerns Over Vauxhall
Most recommended articles
09:29aDJMining Giants Ride Copper's Wave
08:34aDJAdvisers in Kraft's $143 Billion Bid for Unilever Fit Familiar Strategy
08:27a PSA PLEDGES TO KEEP OPEL'S FOUR GERMAN SITES RUNNING : Bild am Sonntag
08:24a Bank of Singapore to use Dubai as base to attract Middle East, Africa wealth
07:44aDJPEUGEOT : Theresa May to Meet Peugeot CEO Amid Concerns Over Vauxhall