Ex-Commodities Trading Exec Arrested For Overstating Profits

Law360 (November 7, 2018, 8:05 PM EST) -- Prosecutors in New York announced Wednesday that a former executive for a Manhattan-based commodities trading firm has been arrested for trying to hide trading losses by making false entries in the firm’s accounting system and overblown estimations of the firm’s trading positions.

David Smothermon, 48, is charged with one count of wire fraud after allegedly trying to conceal from his unnamed employer that the Houston-based subsidiary he ran, which specialized in the trading of liquefied petroleum gas, was incurring substantial trading losses. To do so, Smothermon caused fake entries to be entered into the subsidiary’s accounting systems that resulted in an...

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