logo
Plus   Neg
Share
Email

NYMEX, Two Former Employees To Pay $4 Million For Material Non-Public Information

The Commodity Futures Trading Commission has imposed a fine of $4 million on NYMEX and two former employees for disclosing non-public information.

The Commodity Futures Trading Commission Tuesday said that the U.S. District Court for the Southern District of New York entered a consent order resolving CFTC charges against the New York Mercantile Exchange and former employees William Byrnes and Christopher Curtin for the employees' repeated disclosure of material non-public information in violation of the Commodity Exchange Act and CFTC regulations.

The order finds Byrnes and Curtin directly liable for their improper disclosures and NYMEX vicariously liable for the misconduct of its former employees. In addition, Byrnes and Curtin are permanently banned from trading commodity interests and registering with the CFTC and are enjoined from future violations of the CEA and CFTC regulations, as charged.

The order imposes a $4 million civil monetary penalty jointly and severally on NYMEX, Byrnes, and Curtin, with the liability of Byrnes and Curtin capped, respectively, at $300,000 and $200,000.

"Today's settlement sends a strong message that the CFTC will work tirelessly to protect our market participants against unlawful disclosures of their confidential information to ensure that the fairness and reliability of our markets are not compromised," said Director of Enforcement James McDonald. "Like any other employer, commodity exchanges are responsible for violations of the CEA or CFTC regulations by their officials, employees, and agents within the scope of their employment or office."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Intel Corp. said it is probing into the hack of its fourth-quarter earnings report that prompted the chipmaker to release its earnings statement ahead of schedule. The company, which was scheduled to release the results after the market closed, released it before the market closing on Thursday. Google parent Alphabet decided to drop its Internet balloon project Loon that was launched with the idea of providing Internet access to rural areas and providing last mile connectivity. In a blog post, Loon CEO Alastair Westgarth said they have not found a way to get the costs low enough to build a long-term, sustainable business, despite gaining a number of interested partners along the way. American Airlines announced the launch of Flagship Cellars, its home delivery service for premium wines usually available onboard. The airline's move is said to be due to the excess wine it has amid the weakness in air travel demand following the coronavirus pandemic crisis. The company expects the new at-home wine program to generate about $40,000 to $50,000 in sales during the first quarter.
Follow RTT