For Release: August 28, 2008
Washington, DC − The U.S. Commodity Futures Trading Commission (CFTC) announced today that it settled charges against former New York Mercantile Exchange (NYMEX) broker Ryan Tremblay of Ramsey, New Jersey, for fraudulently allocating trades to his personal account and depriving customers of the opportunity to profit. The CFTC’s order, entered on August 28, 2008, requires Tremblay to pay a $50,000 civil monetary penalty and permanently prohibits him from trading in the commodities markets for or on behalf of any other person or entity.
This CFTC action resulted from a joint CFTC cooperative enforcement investigation, with the New York County District Attorney’s Office (NYCDAO), of abusive trading practices on the NYMEX. The CFTC charged Tremblay, formerly registered as a floor broker, with diverting profitable transactions to his own account that had been filled for customers.
In the related criminal matter, Tremblay pled guilty on June 12, 2008, to the misdemeanor state crime of attempting to violate the anti-fraud provision of New York’s General Business Law for the same underlying conduct and received a sentence of a conditional discharge.
The CFTC would like to thank the NYCDAO and the NYMEX compliance staff for their assistance with the investigation.
The following CFTC Division of Enforcement staff were responsible for this case: Judith Slowly, Philip Rix, Sheila Marhamati, Steven Ringer, Lenel Hickson and Vincent McGonagle. In addition, Young Hwan Byeon, an Economist from the Korean Financial Supervisory Service, assisted in this matter.
Last Updated: August 28, 2008