CFTC Sues 2 CBOT Traders, Alleging $2.1M Fraud

Law360, New York (January 11, 2008, 12:00 AM EST) -- The U.S. Commodity Futures Trading Commission has filed suit against two Chicago Board of Trade traders, claiming they defrauded customers of more than $2 million in a well-timed market transaction.

In a complaint filed Wednesday in the U.S. District Court for the Northern District of Illinois, the CFTC claimed that CBOT floor brokers Edward Sarvey and David Sklena took advantage of volatile trading in the Five-Year Treasury Note futures pit after the release of the government’s March 2004 employment statistics, and noncompetitively traded almost 2,500 futures...
To view the full article, register now.