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ARTICLE · 12 SEPTEMBER 2019

Associated Person Settles CFTC And CME Charges For Unauthorized Trading, Violating Position Limits

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The associated person of an introducing broker agreed to settle CFTC and CME charges (see here and here, respectively) for fraudulent solicitation

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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The associated person of an introducing broker agreed to settle CFTC and CME charges (see here and here, respectively) for fraudulent solicitation, unauthorized trading, and violating financial market position limits in live cattle futures contracts.

According to the CFTC, Nathan Harris, an associated person of Kooima & Kaemingk Commodities, Inc.:

  • misrepresented futures trading and made material omissions to clients in order to open a significant number of investment accounts on their behalf;
  • engaged in speculative trading on behalf of clients without first obtaining authorization from customers or powers of attorneys; and
  • exceeded the CME Group position limits for the August 2014 live cattle futures contract that were placed in a customer's account that Harris controlled.

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