CFTC Fines MF Global $10M For Supervision Failures

Law360, New York (December 17, 2009, 4:07 PM EST) -- The U.S. Commodity Futures Trading Commission on Thursday leveled a $10 million fine against registered futures brokerage MF Global Inc. for having inadequate supervision over traders in four separate instances between 2003 and 2008.

The CFTC had been investigating an MF Global trader's unauthorized wheat futures transactions in February 2008, two trades the brokerage firm made in 2004, and one trader's involvement with a BMO Financial Group energy trader accused of inaccurate bookkeeping.

MF Global, formerly Man Financial Inc., had been preparing for the $10 million...
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