Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

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

09/27/2013 | 07:40pm US/Eastern

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
React to this article
Latest news
Date Title
04:40a INTERQUEST : Iq weekly news round-up 03.08.15
04:40a CSR : Form 8.3 - CSR Plc
04:40a PORSCHE AUTOMOBIL SE : SE reports group profit of 1.65 billion euro for the first half of 2015
04:40a PREMIER FARNELL : element14 Introduces Thermal Imager Range from Keysight
04:40a PRAEMIUM : New fund launched – Smartfund 80% Protected
04:40a AIRBUS : welcomes Transaero as a new operator
04:40a AFFECTO : is restructuring its business activities and evaluates
04:40a VOLKSWAGEN : Procurement nominates strategic partners (FAST corporate initiative)
04:40a HSBC : sees China economy growing seven percent this year despite sell-off
04:40a BALTIKA : Sales in July
Latest news
Advertisement
Hot News 
FOX MARBLE : Shares Crumble As Fire Destroys Machinery For Factory
FIDESSA : *traders: numis cuts fidessa group to 'hold' ('buy')
SOLGOLD : Expiry of Options
NETCALL : Expects To Report "Record" Annual Revenue And Earnings
HANESBRANDS : Reports Regular Quarterly Cash Dividend
Most Read News
04:08a German carmakers buy Nokia maps to fend off digital rivals
08/02 [24]7 : Acquires Australia-based Partner BolderView to Expand Asia-Pacific Operations
08/02 AUSTRALIAN COMPETITION AND CONSUMER COMMISSION : ACCC announces third regional petrol market study in Armidale
08/02 EDITORIAL : A step back from misguided housing policy, but work remains
03:32a HSBC beats forecasts as Hong Kong drives 10 percent rise in first-half profit
Most recommended articles
04:36aDJASIA MARKETS : Asian Markets Fall As Chinese Factory Data Show Slowdown
04:35a General Atlantic to take stake in HERE mapping business - source
04:34a UK manufacturing growth edges up, still dragging on economy - survey
04:29a THALES : wins one billion euro contract to upgrade London underground lines
04:28aDJLONDON MARKETS : FTSE 100 Starts Week With Modest Gains