Stow, Ohio – Bradley A. Miklovich was ordered to pay $666,360 in restitution and a $100,000 civil penalty after being found liable for trade fraud by the U.S. Commodity Futures Trading Commission (CFTC). The judgment was entered by Judge John R. Adams of the U.S. District Court for the Northern District of Ohio on September 30, 2015, and announced by the CFTC on October 14, 2015.
Miklovich, a former Associated Person of Rice Investment Company, of Maumee, Ohio, was accused of making unauthorized trades in customer accounts and falsifying account statements and internal company documents. The CFTC originally filed a complaint on March 19, 2014, alleging that Miklovich placed 23 unauthorized trades between July 23 and July 30, 2013, impacting over 2,000 commodity futures and options contracts. These trades resulted in approximately $574,323 in losses for two customers.
According to the court order, Miklovich exploited a temporary absence of a Rice employee responsible for trade summaries to execute the unauthorized transactions. He used his personal identifier to place trades in customer accounts without their consent, while the customers had specifically stated no trades should be made without their express authorization. Miklovich then concealed the trades from Rice, leading to the generation of false reports and inaccurate summaries sent to a customer.
After the losses were discovered, Miklovich allegedly fabricated a story, claiming his laptop and iPad were stolen from his car in an attempt to cover up his actions. The court found that Miklovich’s behavior demonstrated a high probability of future misconduct. In addition to the financial penalties, Miklovich is permanently banned from trading and registering with the CFTC, and is prohibited from further violations of the Commodity Exchange Act.
The case was led by CFTC Division of Enforcement staff members Diane M. Romaniuk, Ava M. Gould, Mary Elizabeth Spear, Scott R. Williamson, and Rosemary Hollinger.
Source: CFTC.gov
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