CFTC Sanctions Ex-Compliance Chief For Lying To Regulator

Law360 (September 12, 2019, 8:48 PM EDT) -- A former chief compliance officer for a commodity pool was ordered to pay $150,000 by the U.S. Commodity Futures Trading Commission on Thursday for allegedly participating in a fraudulent trading scheme and lying to the National Futures Association when it investigated his firm.

The CFTC said that between January and November 2018, Rafael Marconato was involved in fraud perpetrated by Fabio Bretas de Freitas, CEO of Phy Capital Investments LLC, who was charged with fraud and misappropriation earlier this year in federal court. In anticipation of an administrative proceeding, Marconato agreed to pay $125,000 in restitution and a $25,000 civil penalty...

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