June 29, 2017

The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing and simultaneous settlement of charges against Rosenthal Collins Capital Markets, LLC, now known as DV Trading LLC(RCCM), of Chicago, Illinois, for engaging in illegal wash sales in order to generate rebates of exchange fees based upon increased trading volumes. The CFTC Order requires RCCM to pay a $5 million civil monetary penalty and cease and desist from violating Section 4c(a) of the Commodity Exchange Act (CEA) and Commission Regulation 1.38(a), as charged.  A separate CFTC Order finds that former RCCM trader, Brandon Elsasser (Elsasser), entered illegal wash sales and requires him to pay a $200,000 civil monetary penalty, and orders him to cease and desist from violating CEA Section 4c(a) and Commission Regulation 1.38(a), as charged. CFTC

Tagged in: Fraud in CFTC-Regulated Markets, Market Manipulation and Trading Violations,