An interdealer broker settled two separate CFTC charges for
making false or misleading statements to its customers and to CFTC
investigators.
In the first Order, the CFTC found that Tullett
Prebon Americas Corp. ("Tullett") failed to supervise
voice broker-dealers on its U.S. Dollar Medium-Term Interest Rate
Swaps Desk. To settle the charges, Tullett agreed to (i) pay a
civil monetary penalty of $11 million, (ii) cease and desist from
further violating CFTC rules, and (iii) comply with certain
conditions and undertakings.
In the second Order, the CFTC found that Tullett
employees on the U.S. Dollar Medium-Term Interest Rate Swaps Desk
made false statements to Tullett customers relating to certain
trades, bids and offers. In addition, during the CFTC
investigation, at least one Tullett employee made false statements
to CFTC staff. To settle the charges, Tullett agreed to (i) pay a
civil monetary penalty of $2 million and (ii) comply with certain
conditions and
