Chicago, IL – May 9, 2011 – Marat Yunusov, a Russian national, has been penalized $500,000 and permanently banned from U.S. commodity trading after being found to have engaged in fictitious and non-competitive trades, the Commodity Futures Trading Commission (CFTC) announced Wednesday.
The U.S. District Court for the Northern District of Illinois entered a consent order against Yunusov on May 4, 2011, resolving the CFTC’s enforcement action. The agency alleged that on June 3-4, 2010, Yunusov executed thousands of futures contracts for the Russian Ruble and E-micro British Pound on the Chicago Mercantile Exchange’s (CME) Globex platform.
According to the CFTC complaint, Yunusov utilized accounts with Open E Cry LLC and Velocity Futures, LLC to conduct the manipulative trading. While his Open E Cry account sustained losses exceeding $7.8 million, his Velocity account generated approximately $7.2 million in profit – both figures after accounting for commissions and fees. The CFTC characterized these trades as fictitious, designed to create the illusion of legitimate trading activity.
The consent order permanently prohibits Yunusov from any further involvement in commodity-related activities under the jurisdiction of the CFTC, including trading and registration in any capacity. The CFTC acknowledged the assistance provided by the CME Group, Inc., in the investigation.
William Janulis, Mary Kaminski, Theodore Z. Polley III, Jeremy Christianson, Scott Williamson, Rosemary Hollinger and Richard Wagner of the CFTC’s Division of Enforcement were responsible for the case.
Source: CFTC.gov
Related Federal Cases
- Joe Biden Criticized for Wildfire Response, Maui HI, 2024 · Illinois
- Rico Tomas Garcia, Hand Sanitizer Scam, CO, 2023 · Washington
- Michael Jett Sentenced to 23 Months for Tax Evasion, MO, 2023 · Alabama
- Two Foreign Nationals, ID Theft Scheme, Los Angeles CA, 2023 · Illinois
- Akira Salinas-Ruiz, Murder of 18-Month-Old, Wisconsin, 2006 · Illinois
