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  >  Commodities

News : Commodities

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 

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 "Commodities"
03:23a Oil prices inch up, drop in southern Iraq exports supports
10/23 HONG KONG EXCHANGES AND CLEARING : Hedge fund Red Kite sues Barclays for $850 million over copper trading losses
10/23DJCotton Rises on Freeze Fears, Price Supports in India
10/23DJUSDA Ark/Louisiana/Tex/Calif Weekly Rice Review - Oct 23
10/23DJUSDA CROP PROGRESS : Soybean Progress-Oct 23
10/23DJUSDA CROP PROGRESS : Winter Wheat Progress-Oct 23
10/23DJUSDA CROP PROGRESS : Corn Condition/Progress-Oct 23
10/23DJNEWS HIGHLIGHTS : Top Energy News of the Day
10/23DJOil Prices Mixed Amid Tensions in Iraq
10/23DJGrain Futures Bounce, Soybeans Follow
Latest news "Commodities"
Advertisement