NEW YORK, NY – October 18, 2012 – David M. Nunn, a Vermont resident and former floor broker, is facing charges of trading fraud following a civil enforcement action filed by the U.S. Commodity Futures Trading Commission (CFTC). The complaint, filed in the U.S. District Court for the Southern District of New York, alleges Nunn engaged in a scheme involving fictitious and prearranged coffee futures trades while employed at ICE Futures U.S., Inc.
According to the CFTC, from July 2008 through September 2010, Nunn executed over 1,300 non-competitive, fictitious trades on ICE Futures US. Authorities claim this illegal activity allowed Nunn to transfer more than $1.68 million into an account under his control.
The charges specifically cite violations of the Commodity Exchange Act and a CFTC regulation prohibiting non-competitive trading. Further, Nunn is accused of making false statements to ICE Futures US representatives regarding these transactions, obstructing potential oversight of his activities.
The CFTC is pursuing disgorgement of Nunn’s ill-gotten gains, as well as civil monetary penalties. The agency is also seeking a trading and registration ban, and a permanent injunction to prevent further violations of federal commodities laws. The outcome of the litigation remains pending.
The case is being prosecuted by Trevor Kokal, Michael Geiser, David Oakland, Manal Sultan, David Acevedo, Lenel Hickson, Stephen J. Obie, and Vincent McGonagle of the CFTC’s Division of Enforcement.
Source: CFTC.gov
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