Broker Manipulated Rice Futures, Trader Class Says

Law360, New York (January 31, 2011, 7:32 PM EST) -- A Chicago-based futures broker and its executives have been hit with a class action just a day after the U.S. Commodity Futures Trading Commission ordered them to pay over $2 million for alleged manipulation of rice futures contracts.

Daniels Trading Group LLC, parent company Global Asset Advisors LLC and their top executives exceeded the Chicago Board of Trade's speculative position limits numerous times on rice futures and options in 2007 and 2008 to the detriment of other traders, according to a complaint filed Thursday by Elizabeth...
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