Wednesday, July 18, 2007

NYMEX Clerk to Pay $3.6 million for Fraud

This is getting a bit off my currency trading fraud focus, but there's something about fraud committed by bitter clerks that's just irresistible.

The CFTC recently announced that it's making NYMEX clerk Matthew Doyle pay back about $3.5 million to his employer, a NYMEX floor broker.

Doyle attempted to assign losing natural gas futures trades to client accounts, and then to his boss's account when the first plan fell through.

The great thing is the extent of the damage that come from the actions of a seeming bit player in the futures circus. Of course, if you screw up really big time in energy futures, there's a special term for it: Amaranth.

Don't know if the guy still has the $3 mil to pay back . . . .