Court Fines Former Firm Employee for Misrepresenting Positions

The CFTC announced that Judge Kimba M. Wood of the U.S. District Court for the Southern District of New York entered a Consent Order against a former Citigroup employee in the group's energy division.

According to the Order, the former director cheated the firm by (i) inflating and mismarking the value of his position in New York Mercantile Exchange and Chicago Ethanol Futures contracts in the firm's proprietary account, (ii) misrepresenting his profits and losses and (iii) knowingly offsetting and masking the losses in his other futures positions.

See: Final Judgment and Consent Order.