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August 4, 2014

Posted  August 4, 2014

The CFTC obtained a $500,000 judgment against former Citigroup Director John Aaron Brooks for defrauding Citigroup by mismarking and inflating the value of his position in ethanol futures in Citigroup’s proprietary account.  Specifically, the court found Brooks cheated and defrauded Citigroup by inflating and mismarking the value of his position in New York Mercantile Exchange (NYMEX) Chicago Ethanol (Platts) Futures contracts by misrepresenting his profits and losses and offsetting and masking the losses in his other futures positions.  By this conduct, Brooks violated the anti-fraud provisions of the Commodities Exchange Act (CEA) and a CFTC Regulation.  CFTC