Washington, D.C. – Kennith Wayne Thrasher and his son, Kennith Luke Thrasher, were ordered to pay a $525,000 penalty by the Commodity Futures Trading Commission (CFTC) for violating speculative position limits on live cattle futures contracts, the agency announced September 24, 2014.
The CFTC found that Kennith and Luke Thrasher, through their control of Canadian Feedyards LLLP and Pride Feeders LLLP, exceeded the CME-approved speculative position limit for live cattle futures on twelve trading days between February 4 and February 20, 2013. The combined positions held by the two feedlots exceeded the limit by 190 to 390 contracts.
Investigators determined that neither Thrasher, nor the feedlots, sought or obtained an exemption to the CME’s position limit rules. This allowed them to unlawfully hold positions exceeding the established threshold.
The Order requires both Kennith Wayne Thrasher and Kennith Luke Thrasher to cease and desist from further violations of Section 4a(e) of the Commodity Exchange Act. They are also required to adhere to all conditions outlined in the Order.
The case was led by CFTC Division of Enforcement staff members Karin N. Roth, David W. MacGregor, Douglas K. Yatter, Lenel Hickson, Jr., and Manal M. Sultan.
Source: CFTC.gov
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