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 CEST

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
02:15pDJS&P 500, Nasdaq Futures -- Technical Analysis
02:15p 21ST CENTURY FOX : Receives Clearance from Republic of Ireland’s Minister for Communications, Climate Action and Environment for Proposed Acquisition of Sky
02:15p MY CLOUD GROCER : (MCG) Launches eCommerce Delivery Module to Help Supermarkets Optimize Grocery Deliveries
02:14p NOVOZYMES A/S : ' farewell to coal in Kalundborg
02:14p UNISYS : ​​​Malaysia's ANGKASA Selects Unisys Software to Enhance Client Experience and Open New Channels for Service Delivery​
02:14p DEUTSCHE LUFTHANSA : Lufthansa A350 rolls out the red carpet
02:14p SUNPOWER : Top New Home Builders Choose SunPower to Advance California's Net Zero Compliance Goals Before 2020
02:14p AALTO UNIVERSITY : 5 million euro project could see Finland become the model country for the circular economy of metals
02:14p SOUTH AFRICA GOVERNMENT : Western Cape Agriculture on avoiding bringing bees or honey into Southern Cape
02:14p FRONTIER DEVELOPMENTS : Elite Dangerous Launches for PlayStation 4 Today
Latest news
Advertisement
Hot News 
-3.24%STADA ARZNEIMITTEL : Bain and Cinven takeover of Germany's Stada falls apart
-2.93%Schaeffler slashes profit guidance on steel costs, electric shift
-1.41%CROWN RESORTS : Casino Executive Sentenced -- WSJ
-3.37%DEBENHAMS : cautions UK trading more volatile as sales slide
1.35%TESCO : Investec Bank plc Form 8.5 (EPT/RI) - Tesco Plc
Most Read News
02:48aDJWARREN BUFFETT : Buffett Backs Store REIT -- WSJ
05:24a Oil up on weaker dollar, supply glut caps gain
07:01a Global stocks, dollar ease as central bank officials take centre stage
12:41a CARLOS GHOSN : Nissan says CEO Ghosn's salary rose 2.5 percent last year
02:48aDJDANIEL LOEB : Nestlé and L'Oréal Have Long History, Too Long for Loeb -- WSJ
Most recommended articles
08:13aDJSAMSUNG ELECTRONICS : Revives Galaxy Note 7 With New 'Fandom Edition'
08:09a British grocers' sales growth at five-year high on rising food prices
08:09a In Amazon's shadow, hedge funds take aim at Brexit-hit retailers
08:08a Plunge in UK confidence hits Debenhams, adds to slowdown fears
07:45aDJKOHL : Poaches CFO From Supervalu