John Moore, of Orlando, Florida, is facing charges brought by the U.S. Commodity Futures Trading Commission (CFTC) for recordkeeping and supervision failures, as well as making false statements under oath. The CFTC filed a civil enforcement action against Moore and his company, eFloorTrade, LLC, in the U.S. District Court for the Southern District of New York on September 27, 2016.
Moore, the majority owner and sole principal of eFloorTrade, is accused of knowingly providing false and misleading testimony to the CFTC on September 18, 2015. Specifically, he claimed that spreadsheets detailing trades executed for customers using third-party trading systems were created and maintained by himself or an employee under his supervision. The CFTC alleges that no such records existed, a fact later admitted by Moore and eFloorTrade through legal counsel.
The complaint details that from October 2010 to at least October 2015, eFloorTrade, registered as an Introducing Broker with the CFTC, failed to maintain complete and systematic records of all transactions. This included failing to preserve electronic trading instructions from customers utilizing third-party systems and failing to document customer orders placed as a result of those instructions. Furthermore, the CFTC alleges eFloorTrade did not keep all relevant business emails.
The CFTC also alleges that Moore and eFloorTrade failed to adequately supervise the handling of customer accounts, lacking policies and procedures to ensure proper recordkeeping and address customer margin deficiencies. These supervisory failures are claimed to have directly contributed to the recordkeeping violations of the Commodity Exchange Act (CEA) and CFTC Regulations.
The CFTC is seeking disgorgement of ill-gotten gains, civil monetary penalties, trading and registration bans, and permanent injunctions to prevent further violations of the CEA and CFTC Regulations. The case is being pursued by Karin N. Roth, Christopher Giglio, Alejandra de Urioste, Steven I. Ringer, Lenel Hickson, Jr. and Manal Sultan of the CFTC’s Division of Enforcement.
The announcement of the charges was made on September 28, 2016, from Washington, D.C.
Source: CFTC.gov
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