August 4, 2020

New York Mercantile Exchange (NYMEX) and former employees William Byrnes and Christopher Curtin have been ordered to pay a $4 million civil monetary penalty for violating the Commodity Exchange Act (CEA) and CFTC regulations.  Between 2008 and 2010, while employed at NYMEX, Byrnes and Curtin repeatedly disclosed material non-public information to commodities broker and defendant Ron Eibschutz.  Byrnes’ and Curtin’s liability is capped at $300,000 and $200,000, respectively, and they are permanently banned from trading commodity interests and registering with the CFTC.  This is the first time the CFTC has charged an exchange with such violations.  CFTC

Tagged in: Fraud in CFTC-Regulated Markets,