Rosenthal Collins To Pay $2.5M For Ponzi Scheme Role

Law360, New York (April 12, 2012, 11:28 PM EDT) -- The U.S. Commodity Futures Trading Commission on Thursday reached a $2.5 million settlement with Chicago-based futures commission merchant Rosenthal Collins Group LLC over its lack of supervision of a multimillion-dollar Ponzi scheme that occurred in one of its accounts.

The settlement, reached the same day the claims were filed, resolves the commission's allegations that Rosenthal failed to follow its own compliance procedures to detect and report any suspicious money transfers and other unusual activity surrounding the Money Market Alternative LP account, which bilked investors out of $40...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.