CFTC Targets Broker Over Wheat Futures Trades

Law360, New York (December 4, 2012, 9:43 PM EST) -- The U.S. Commodity Futures Trading Commission sued a futures broker and two trading companies Tuesday, alleging the broker tried to manipulate the prices of certain wheat futures in trades he made in 2009.

In a complaint filed in New York federal court, the CFTC targeted Eric Moncada along with New York-based trading companies BES Capital LLC and Serdika LLC, whose accounts Moncada traded. The suit accuses him of using a strategy to distort the price of the wheat futures contract in December 2009.  

The strategy involved...
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