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 . . . .
1 comment:
Amaranth's getting tripped up over natural gas futures to the tune of $6 billion was classic alright. But, today the shift in stock scams seems to be more toward "historical" bonds. Can't these companies haul out some of their antique securities, dust them off, and offer them as such?
--Jack Payne
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