Commodity Options Scheme Fetches Trader $600,000 Fine
- Fed to Remain Sitting on Their Hands in September - Goldman Sachs
- Emera to Acquire TECO Energy (TE) for $27.55/Share
- Wall Street caps off tough week with a steep loss
- Amazon Web Services (AMZN) Enters Agreement to Acquire Elemental Technologies
- Apple (AAPL) Stock Down Into iPhone Event for First Time Since Original Released - Analyst
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Headline Jobs Data Misses but Unemployment Dips
- Netflix (NFLX) Trades Negative Early Following Five-Straight Losing Sessions
- UPDATE: Netflix (NFLX) Active, Pares Decline
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!