Cattle firm fined by CFTC

[TraDaToR]

http://www.reuters.com/article/us-usa-cftc-mcvean-idUSKBN19C2LE

"McVean and Wharton distorted other traders' views of the cattle market in 2012 and 2013 by secretly using cattle feedyards as straw purchasers for hundreds of long futures contracts, according to the CFTC. This enabled them to control substantial portions of the market without disclosing that control, the agency said."

 

[Overnight]

Scumbags!

 

[algofy]

Scumbags!

Yep, always someone trying to get the upper hand regardless of legality.

 

[comagnum]

Hundreds of contracts, you got to be kidding! That is such a small amount of money and open interest to control the cattle market.

 

[Autospreader]

Hundreds of contracts, you got to be kidding! That is such a small amount of money and open interest to control the cattle market.

It was in delivery month though daily volume could only be 2k

 

[Jdesey]

Ihave a very good friend that has had $$ with McVean for over 20 years.... they do very well...although this deal seems like they and others did something wrong, they are still very good at what they do. McVean was the Beef advisor to while Reagan was the president

 

[Autospreader]

Ihave a very good friend that has had $$ with McVean for over 20 years.... they do very well

Ya cause they're a bunch of cheaters

 

[murray t turtle]

Hundreds of contracts, you got to be kidding! That is such a small amount of money and open interest to control the cattle market.

%%
On that link, same page, has a fun read about the London Whale+ JPM.......