Chicago, IL – June 18, 2010 – The U.S. Commodity Futures Trading Commission (CFTC) has accused Marat Yunusov of engaging in manipulative trading practices on the Chicago Mercantile Exchange (CME) Globex platform. Yunusov, also known as Ayrat Yunusov and identified as a Russian national, allegedly executed a series of fictitious transactions between the evening of June 3rd and the morning of June 4th, 2010.
The CFTC complaint, filed in the U.S. District Court for the Northern District of Illinois on June 11, 2010, details how Yunusov bought and sold thousands of futures contracts, primarily in less liquid, back-month markets. He utilized accounts with two registered futures commission merchants: Open E Cry LLC and Velocity Futures, LLC.
According to the CFTC, this trading activity resulted in a loss of over $7.8 million in Yunusov’s Open E Cry account, which the firm was forced to cover using its own funds. Simultaneously, his Velocity account allegedly profited approximately $7.2 million after accounting for commissions and fees. Yunusov has never been registered with the CFTC.
Judge Joan B. Gottschall issued an emergency restraining order on June 14th, freezing Yunusov’s assets and preventing the destruction of relevant documents. A hearing on the CFTC’s request for a preliminary injunction is scheduled for June 23rd before Judge Elaine E. Bucklo.
The CFTC is seeking restitution, civil monetary penalties, a ban on future trading and registration, and a permanent injunction to prevent further violations of federal commodities laws. The agency acknowledged the assistance provided by the CME Group, Inc., Open E Cry LLC, and Velocity Futures, LLC in the investigation.
Source: CFTC.gov
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