August 21, 2013

CFTC Seeks to Revoke Registration of Chicago Trading Managers LLC

Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today filed a Notice of Intent (Notice) to revoke the registration of Chicago Trading Managers LLC (CT Managers). CT Managers is currently registered with the CFTC as a Commodity Pool Operator and Commodity Trading Advisor.

The Notice alleges that CT Managers is subject to statutory disqualification from CFTC registration based on a default judgment and permanent injunction Order entered by the U.S. District Court for the Southern District of New York on May 15, 2013 (see CFTC News Release 6589-13). That injunction prohibits CT Managers from committing further fraud. Additionally, the default judgment includes findings that CT Managers defrauded pool participants who had invested more than $9 million by knowingly issuing or causing to be issued false account statements for the commodity pools.

In the default judgment Order, CT Managers was held liable for fraud and ordered to pay a civil monetary penalty of $1.4 million, jointly and severally with another defendant.

CFTC staff members responsible for this case are Laura Martin, Manal Sultan, Stephen Obie, and Vincent McGonagle.

Last Updated: August 21, 2013