La Commodity Futures Trading Commission a publié un communiqué de presse dans lequel elle annonce que Kent R.E. Whitney est condamné à verser 600.000 dollars d'amende pour avoir mis en place un mauvais système d'appel de marge.
The U.S. Commodity Futures Trading Commission (CFTC) obtained a federal court consent order of permanent injunction requiring defendant, Kent R.E. Whitney (Whitney), a former floor broker of Chicago, Ill., to pay a $600,000 civil monetary penalty for making false and misleading statements to Chicago Mercantile Exchange (CME) representatives, futures commission merchants (FCMs), and others in connection with an elaborate scheme to trade options without posting the required margin (see CFTC Press Release 5952-10, December 10, 2010).
The consent order, entered May 22, 2012, by Judge Paul A. Engelmayer, of the U.S. District Court for the Southern District of New York, also imposes permanent trading and registration bans against Whitney and permanently prohibits him from further violations of the Commodity Exchange Act and CFTC regulations, as charged.
The order finds that on several occasions between May 2008 and April 2010, Whitney engaged in a fraudulent scheme to avoid substantial margin calls when placing orders for commodity options traded on the New York Mercantile Exchange (NYMEX) and the CME. Specifically, the order finds that Whitney perpetrated a margin avoidance scheme with out-of-the-money options (options with no intrinsic value) by knowingly making false and misleading statements to a representative of the CME, representatives of FCMs, and others.
As part of the scheme, as described in the consent order, one or two business days before expiration of the front month options, Whitney placed to the NYMEX and CME trading floors orders to sell a large volume of front month out-of-the-money options. According to the consent order, at the time Whitney placed the options orders, he knowingly provided clearing firms with invalid account numbers for the trade allocations. In doing so, the order finds, Whitney implicitly represented that the accounts were open and held sufficient margin to cover the trades and/or deceptively failed to disclose that the accounts were, in fact, closed and thus held no funds for margin.
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