October 18, 2012
CFTC Charges David M. Nunn with Engaging in an Illegal Trading Scheme and Making False Statements to ICE Futures US
Defendant charged with multi-year scheme involving over 1,300 trades
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today filed a civil enforcement action against David M. Nunn, a Vermont resident and former floor broker of ICE Futures U.S., Inc. (ICE Futures US), which is a contract market designated by the CFTC. The CFTC complaint charges Nunn with engaging in prearranged and fictitious transactions in violation of the Commodity Exchange Act and trading non-competitively in violation of a CFTC regulation. The complaint also charges Nunn with making false statements about these transactions to representatives of ICE Futures US.
The CFTC complaint, filed in the U.S. District Court for the Southern District of New York, alleges that from at least July 2008 through September 2010, Nunn engaged in over 1,300 non-competitive, fictitious coffee futures trades on ICE Futures US. The complaint alleges that through this illegal scheme, Nunn transferred over $1.68 million to another account that he controlled.
In its continuing litigation, the CFTC seeks disgorgement of ill-gotten gains, civil monetary penalties, trading and registration bans, and permanent injunctions against further violations of the federal commodities laws.
CFTC Division of Enforcement staff members responsible for this case are Trevor Kokal, Michael Geiser, David Oakland, Manal Sultan, David Acevedo, Lenel Hickson, Stephen J. Obie, and Vincent McGonagle.
Last Updated: October 18, 2012