NEW YORK, NY – April 12, 2010 – Kuen Cheol Song, a Singaporean citizen, has been charged with commodities fraud by the U.S. Commodity Futures Trading Commission (CFTC). The complaint, filed on April 6, 2010, in the U.S. District Court for the Southern District of New York, alleges Song engaged in fictitious and non-competitive trading practices.
According to the CFTC, Song, who is a director at Singapore-based Woori Absolute Partners, executed a scheme involving Natural Gas and Heating Oil futures contracts on the New York Mercantile Exchange (NYMEX) beginning in August 2009. The scheme involved placing non-competitive trades between his personal account and the hedge fund account of his employer.
The CFTC alleges that Song profited more than $348,000 through these illicit trades, while Woori Absolute Partners suffered a corresponding loss. Song is not registered with the CFTC.
Judge Naomi Reice Buchwald issued a restraining order on April 6th, freezing Song’s assets and preventing the destruction of documents. A hearing regarding a preliminary injunction is scheduled for April 19, 2010.
The CFTC is seeking restitution, civil monetary penalties, trading and registration bans, and a permanent injunction against further violations of federal commodities laws. The CME Group, Inc. assisted in the investigation.
The case is being prosecuted by Ken Koh, A. Daniel Ullman II, Elizabeth Padgett, Michael Berlowitz, Joseph Rosenberg, Peter M. Haas, Paul G. Hayeck and Joan Manley of the CFTC’s Division of Enforcement.
Source: CFTC.gov
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