CFTC Orders Newedge USA, LLC, a Registered Futures Commission Merchant, to Pay $700,000 for Submitting Inaccurate Large Trader Reports to the CFTC and for Violating a Prior CFTC Order (Enforcement Act
CFTC Enforcement Press Release 6167-12
The CFTC entered an order requiring Newedge USA, LLC (Newedge), a New York-based FCM to pay a $700,000 civil monetary penalty for submitting inaccurate large trader reports to the CFTC and for violating a February 7, 2011, CFTC order directing Newedge to improve the accuracy and timeliness of its large trader reporting.
In addition to imposing a civil monetary penalty, the CFTC's order requires Newedge to cease and desist from violating the Commodity Exchange Act's requirement to timely submit accurate position reports and notices, and to implement and maintain procedures to prevent and detect reporting violations of the Act and CFTC regulations.
Cross References: CEA Sec. 4g 6(c); 17 CFR Part 17; Lofchie's Guide to CPO/CTA Regulation: Chapter 8, Trading.