Daniel Bowman of Lisle, Illinois, has been penalized by the U.S. Commodity Futures Trading Commission (CFTC) for exceeding established limits on speculative positions in Live Cattle futures contracts, according to an order filed on September 29, 2015.
The CFTC found that Bowman violated the spot month speculative position limit for the Live Cattle futures contract traded on the Chicago Mercantile Exchange (CME) on three days in 2010 and again on three days in 2013. These limits are set by the CME and approved by the CFTC to maintain market stability.
In 2013, Bowman was in control of the Live Cattle futures trading activities for Four Aces Investment Group, LLC. The CFTC’s investigation revealed that on the days of the violations, the combined positions held by both Four Aces and Bowman surpassed the allowable speculative limit.
As a result of these violations, Bowman has been ordered to pay a $34,940.01 civil monetary penalty. Additionally, the order mandates that Bowman cease and desist from any further violations of Section 4a(e) of the Commodity Exchange Act and CFTC Regulation 150.5. The CFTC has also imposed permanent trading and registration bans, effectively barring Bowman from participating in the regulated commodities markets.
The CFTC’s investigation was led by George Malas, Patrick Marquardt, Melanie Devoe, Peter M. Haas, and Paul G. Hayeck of the Division of Enforcement.
Source: CFTC.gov
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