Federal Court in New York Orders Chicago Resident and Former Floor Broker, Kent R.E. Whitney, to Pay $600,000 for Margin Call Avoidance Scheme (CFTC Press Release)

The CFTC obtained a federal court consent order of permanent injunction requiring defendant, Kent R.E. Whitney (Whitney), a former floor broker of Chicago, Ill., to pay a $600,000 civil monetary penalty for making false and misleading statements to Chicago Mercantile Exchange (CME) representatives, futures commission merchants (FCMs), and others in connection with an elaborate scheme to trade options without posting the required margin.

View release in full here (links to CFTC website).