The Commodity Futures Trading Commission ordered Cargill, Inc. of Minnesota, a registered swaps dealer, on Monday to pay a $10 million penalty for allegedly providing counterparties and its swap data repository inaccurate marks from 2013 to the present that effectively concealed up to 90% of Cargill’s mark-up. The CFTC order contends Cargill concealed its full mark-up because providing accurate marks might reduce Cargill’s revenue. The CFTC also alleged that Cargill failed to diligently supervise its officers, employees, and agents relating to its business as a swap dealer. The regulator filed and simultaneously settled charges on Monday alleging Cargill had violated the Commodity Exchange Act and CFTC regulations but Cargill neither admitted nor denied the allegations.
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