Jailed GM Fraudster Agrees To CFTC Trading Ban

Law360, New York (September 20, 2010, 4:01 PM EDT) -- The U.S. Commodity Futures Trading Commission on Monday settled claims against a former General Motors Corp. executive who pled guilty in November to defrauding the auto giant out of $6.5 million in a bulk metals kickback scheme.

Daniel J. Bealko, GM’s former global commodity manager for lightweight metals, will be permanently banned from futures trading and must desist from violating the anti-fraud provisions of the Commodity Exchange Act, according to a settlement and complaint filed simultaneously in the U.S. District Court for the Northern District of...
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