Commodity merchandising firm Lansing Trade Group (Lansing) is to pay USD3.4 million to settle CFTC charges relating to the attempted manipulation of the price of certain wheat futures and options contracts that were traded on the Chicago Board of Trade (CBOT) and for aiding and abetting the attempted manipulation of the cash price for yellow corn from Columbus, Ohio.
As well paying as the civil monetary penalty, Lansing must also undertake remedial measures to implement and strengthen its internal controls and procedures relating to compliance with the anti-manipulation provisions of the Commodity Exchange Act (CEA) and CFTC Regulations, and to cease and desist from further violations of the CEA and CFTC Regulations, as charged.
James McDonald, CFTC Director of Enforcement, says: “This Order shows the CFTC’s relentless commitment to preventing manipulation in our agricultural markets. The CFTC will continue to work with our law enforcement partners and other regulators to fight manipulation and to preserve market integrity.”
