Matthew Doyle, of Wantagh, New York, has been ordered to pay over $3.6 million in penalties and restitution following a CFTC enforcement action. U.S. District Court Judge John E. Sprizzo entered the order on July 11, 2007, in the Southern District of New York.
Doyle was found to have engaged in a fraudulent scheme between April 18 and April 22, 2005, while employed as a floor broker at the New York Mercantile Exchange (NYMEX). The CFTC originally filed a complaint against Doyle in August 2006, alleging he attempted to assign losing natural gas futures contracts to unsuspecting customers. When this attempt failed, Doyle fraudulently assigned the losing trades to his employer’s account, causing significant financial losses.
The court order mandates Doyle make restitution of $3,507,118.63, plus post-judgment interest, to his former employer. In addition to the restitution, Doyle must pay a $130,000 civil monetary penalty. The order permanently prohibits Doyle from trading in any commodity and from seeking registration with the CFTC in the future.
The CFTC acknowledged the assistance of the New York Mercantile Exchange compliance staff throughout the investigation. The case was led by CFTC staff members Eliud Ramirez, John Cipriani, Manal Sultan, Steven Ringer, Lenel Hickson, Stephen J. Obie, and Vincent A. McGonagle.
Source: CFTC.gov
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