Commodity Options Scheme Fetches Trader $600,000 Fine
- Apple, Inc. (AAPL) Tops Q2 EPS by $1.44; Announces 7-for-1 Stock Split
- Market Wrap: Big Earnings Galore; Amazon, HBO Enter Agreement; GE Eyes French Industrial Giant
- Facebook (FB) Tops Q1 EPS by 10c
- After-Hours Stock Movers 4/23: (ANGI) (AAPL) (FB) Higher; (HEAR) (TNP) (IM) Lower (more...)
- Qualcomm, Inc. (QCOM) Tops Q2 EPS by 9c; Guides Q3 to Low-Side of Consensus
A trader was hit with a $600,000 fine and banned from trading for engaging in a scheme to avoid margin calls when placing orders on commodity options on the NYME and the CME. The CFTC accused Kent R.E. Whitney of perpetrating margin call avoidance by using out-of-the-money options, which have no intrinsic value. He is also being accused of making false statements to the CME and others.
You May Also Be Interested In
- UPDATE: Crude Inventory 3.5M Barrels vs 2.7M Expected
- Apple, Inc. (AAPL) Approves Increase in Buyback to $90B, Seven-for-One Split
- Qualcomm, Inc. (QCOM) Gets SEC Wells Notice on China Bribery Allegations
Create E-mail Alert Related CategoriesCommodities, Trader Talk
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!