CFTC Wins Judgment Against Chicago Trader Over $2M Fraud

Law360, New York (February 10, 2012, 7:42 PM EST) -- An Illinois federal judge handed a victory Friday to the U.S. Commodity Futures Trading Commission in its suit against a Chicago Board of Trade member convicted of cheating customers out of more than $2 million, issuing summary judgment because he never denied the allegations.

U.S. District Judge Virginia Kendall ruled that David Sklena — now representing himself against claims that he aided and abetted a fellow CBOT trader, the late Edward Sarvey, in a scheme to defraud customers out of profits by taking advantage of momentary...
To view the full article, register now.